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Memphis, Tenn. -- Fred's on Tuesday said third-quarter net income dropped 27% amid rising costs and declining same-store sales, as sales in its established stores dropped and its costs rose.
The company reported Tuesday that it earned $6.6 million in the three months through Oct. 27, compared with $9 million a year earlier.
Revenue rose 1% to $450.6 million. Same-store sales were down 2.5%.
General expenses rose 4% to $118.1 million, fueled in party by higher labor costs and new store opening costs.