UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): April 26, 2004
FRED'S, INC.
(Exact Name of Registrant as Specified in Charter)
Commission File Number 00-19288
Tennessee 62-0634010
(State or other jurisdiction (I. R. S. Employer
of incorporation or organization) Identification No.)
4300 New Getwell Road, Memphis, TN 38118
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code
(901) 365-8880
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits:
Exhibit
Number Description
------------- --------------------------------------------------------
99.1 Press release issued by Fred's, Inc., dated
April 26, 2004
Item 12. Results of Operations and Financial Condition.
On April 26, 2004, Fred's Inc. issued a press release announcing, among
other things, that it is revising its earnings outlook for 2004. A copy of the
press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FRED'S, INC.
(Registrant)
By: /s/ Jerry A. Shore
-----------------------------
Jerry A. Shore,
Executive Vice President and
Chief Financial Officer
April 26, 2004
3
INDEX TO EXHIBITS
Exhibit
Number Description
--------------- ---------------------------------------------------------------
99.1 Press release issued by Fred's, Inc., dated April 26, 2004
4
Exhibit 99.1
FRED'S 4300 New Getwell Road, Memphis, Tennessee 38118
Contact: Jerry A. Shore
Executive Vice President and
Chief Financial Officer
(901) 362-3733, Ext. 2217
Fred's Inc. Revises Earnings Outlook for 2004
MEMPHIS, Tenn. (April 26, 2004) -- Fred's Inc. (NASDAQ/NM:FRED) today announced
that it is revising its earnings outlook for 2004. The Company now expects
earnings for the year to be in a range from $0.97 to $1.00 per share. The
revised guidance represents earnings growth of between 14% and 18% over year-end
2003 earnings of $0.85 per share. Previously, the Company's outlook for 2004
called for earnings of between $1.03 and $1.10 per share.
The Company is reducing its earnings guidance because of
lower-than-expected sales trends in the first quarter, which reflect an
increasingly competitive sales environment and the dampening impact of
continuing sluggish economic conditions and rising prices on customers in the
discount store sector. The Company also faces cost increases for expenses such
as freight and logistics.
The Company plans to report full financial results for the first quarter of
2004 on May 20, 2004.
Fred's, Inc. operates 524 discount general merchandise stores mainly in the
southeastern United States, including 26 franchised Fred's stores. 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 which 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.
-END-