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Fred Meyer Inc. says it posted a record $14.9 million profit for its second quarter this year, up 29 percent from $11.5 million earned for the same period in 1991.

Earnings per share climbed to 54 cents for the Portland-based grocery and retail chain, up from 46 cents a share for the second quarter last year.Sales were up slightly, reaching $641.7 million for the period, compared to $615.9 million in the second quarter of 1991.

Robert G. Miller, chairman and chief executive officer, credited the improvement to cost-cutting measures helped by lower interest rates on expansion loans.

The company operates 123 stores in Oregon, Alaska, California, Utah, Idaho, Montana and Washington.

Fred Meyer is scheduled to begin trading its stock on the New York Stock Exchange on Sept. 9.