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Fred’s Reports August Sales

  Fred’s Reports August Sales

Business Wire

MEMPHIS, Tenn. -- September 4, 2013

Fred’s Inc. (NASDAQ: FRED) today reported sales for the four-week fiscal month
and seven-month year-to-date period ended August 31,2013.

Fred’s total sales for the month were largely unchanged at $140.0 million
compared with $139.9million in August 2012. Comparable store sales for the
month were approximately flat versus a decline of 2.8% in the same period last
year.

Fred’s total sales for the year-to-date period increased 1% to $1.124 billion
compared with $1.111 billion for the same period last year. On a comparable
store basis, year-to-date sales increased 0.5% versus a decline of 0.8% in the
same period last year.

Commenting on the announcement, Bruce A. Efird, Chief Executive Officer, said,
“August comparable store sales were within the range of guidance we provided
in our second quarter earnings release and conference call last week. Sales
were adversely affected by an unfavorable calendar shift, with no first of the
month in fiscal August. Despite this shift, several departments performed well
in August, most notably Pharmacy, along with Hometown Auto & Hardware, Pet,
Lawn & Garden, and most consumable product departments. Looking forward, we
remain confident that the programs we have put in place, together with the
aggressive rollout of our reconfiguration plan, will drive sales momentum
during the remainder of the year.”

During the month, Fred’s opened a new Xpress pharmacy location and closed one
store location.

Fred’s, Inc. operates 697 discount general merchandise stores, including 21
franchised Fred’s stores, in the southeastern United States. For more
information about the Company, visit Fred’s website at www.fredsinc.com.

Comments in this news release that are not historical facts are
forward-looking statements that involve risks and uncertainties that could
cause actual results to differ materially from those projected in the
forward-looking statements. These risks and uncertainties include, but are not
limited to, general economic trends, changes in consumer demand or purchase
patterns, delays or interruptions in the flow of merchandise between the
Company’s distribution centers and its stores or between the Company’s
suppliers and same, a disruption in the Company’s data processing services,
costs and delays in acquiring or developing new store sites, and other
contingencies discussed in the Company’s Securities and Exchange Commission
filings. Fred’s undertakes no obligation to release revisions to these
forward-looking statements to reflect events or circumstances after the date
hereof or to reflect the occurrence of unforeseen events, except as required
to be reported under the rules and regulations of the Securities and Exchange
Commission.

Contact:

Fred’s Inc.
Jerry A. Shore, 901-362-3733, Ext. 2217
Executive Vice President and Chief Financial Officer