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FRED MEYER NET INCOME RISES 14.1%

SHARE FRED MEYER NET INCOME RISES 14.1%

Discount retailer Fred Meyer Inc., which has extensive operations in Utah, said Thursday net income for the first fiscal quarter ended May 21 was $16.0 million, up 14.1 percent over the same period last year.

Net sales for the quarter rose 9.4 percent to a record $932.3 million. Comparable store sales increased 3.4 percent while comparable food sales were up 2.5 percent, and comparable nonfood sales rose 4.0 percent.Income from operations for the quarter was a record $28.9 million, up 17.8 percent over the same period a year ago.

Earnings per share were 56 cents based on 28.72 million shares outstanding, up from 50 cents for the prior year's quarter before the effects of the accounting change and based on 28.16 million shares outstanding.