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Fred’s Q3 income up 56%

Memphis -- Fred's said Tuesday that its third-quarter net income surged 56%, partly because of its improved merchandise mix and remodeled and upgraded stores.

The discounter’s net iFred's said Tuesday that its third-quarter net income surged 56%, partly because of its improved merchandise mix and remodeled and upgraded stores.ncome rose to $7.8 million for the period ended Oct. 30, compared with $5 million in the year ago period. The performance topped analysts’ estimates.

Revenue increased 3% to $435 million, from $422.4 million. Same-store sales rose 1.5%.

CEO Bruce Efird said in a statement that the company is on track with its plan to remodel and upgrade 200 stores this year, with 190 stores finished through October.

Fred's runs 672 discount general merchandise stores in the Southeastern United States.

© 2014