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Fred's 3Q Profit Slips 23%, Exploring Options

Memphis Tenn., Fred's Inc. said Thursday its third-quarter profit fell 23% primarily on a shift in costs and that it is exploring strategic and financial options after receiving inquiries from some parties.

Earnings for the period ended Nov. 3 slid to $4.6 million compared with $6 million in the prior year.

Revenue for the quarter rose to $419.9 million, up 3% from $407.9 million in the previous year. Meanwhile, same-store sales climbed 1% during the quarter compared with a 3% increase a year ago.