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RECORD 1ST QUARTER FOR FRED MEYER

SHARE RECORD 1ST QUARTER FOR FRED MEYER

Fred Meyer Inc. logged record sales and income in its first fiscal quarter ended May 10 as net sales rose 9.6 percent to $620.1 million over the $565.7 million reported in the first quarter of last year. Comparable store sales increased 6.3 percent for the quarter.

First-quarter income was $13.1 million, an 11 percent increase over the $11.8 million reported a year earlier.The increase in income from operations from quarter to quarter reflects stronger sales and gross margins in our food operations, offset by overall lower gross margins in the non-food departments, a spokesman said.

"Sales were particularly soft in the jewelry division and were also down in the home improvement division as a result of initiating our new home decor format, which places less emphasis on building materials," the spokesman said.