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Fred's profit beats consensusin fiscal Q4

Fred's Inc. said its normalized net income for the fiscal fourth quarter ended Jan. 31 came to 16 cents per share, compared with the S&P Capital IQ consensus estimate of 1 cents per share.

EPS climbed 77.3% year over year from 9 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $6.0 million, a gain of 77.5% from $3.4 million in the fourth quarter ended Feb. 1, 2014.

The normalized profit margin fell to negative 1.6% from 0.7% in the year-earlier period.

Total revenue rose year over year to $504.4 million from $495.0 million, and total operating expenses rose year over year to $494.6 million from $489.5 million.

Reported net income totaled a loss of $8.3 million, or a loss of 23 cents per share, compared to income of $4.1 million, or 11 cents per share, in the fourth quarter ended Feb. 1, 2014.

For the year, the company's normalized net income totaled a loss of 28 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 17 cents.

EPS was 66 cents in the prior year.

Normalized net income was a loss of $10.3 million, compared with income of $24.2 million in the prior year.

Full-year total revenue rose on an annual basis to $1.97 billion from $1.94 billion, and total operating expenses grew year over year to $1.99 billion from $1.90 billion.

The company said reported net income came to a loss of $29.1 million, or a loss of 80 cents per share, in the full year, compared with income of $26.1 million, or 71 cents per share, the prior year.