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Fred's swings to loss in fiscal Q3

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Fred's swings to loss in fiscal Q3

Fred's Inc. said its normalized net income for the fiscal third quarter ended Nov. 1 came to a loss of 23 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 14 cents per share.

The per-share result swung to a loss from the prior-year profit of 18 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $8.4 million, compared with income of $6.6 million in the year-earlier period.

The normalized profit margin fell to negative 2.2% from 1.4% in the year-earlier period.

Total revenue climbed on an annual basis to $476.2 million from $460.5 million, and total operating expenses increased 8.8% on an annual basis to $489.5 million from $449.9 million.

Reported net income came to a loss of $10.3 million, or a loss of 28 cents per share, compared to income of $7.3 million, or 20 cents per share, in the prior-year period.