Fred's, Inc.

Macy's Eyes 13-30-year-olds; Fred's Tops Estimate

Retail stocks rose on Wednesday after data showed existing home sales were revised higher in January.

While sales dipped in February, they were the best in five years. Home Depot Inc. and rival Lowe's Cos. shares both inched up about 0.3%. Shares of Fred's Inc. , a discount retailer in the southeastern U.S., rose 3.2%. Its fourth-quarter adjusted profit was one cent above the consensus analyst estimate surveyed by FactSet. The company forecast first-quarter profit of 26 cents to 28 cents a share, compared to the 28-cent average estimate. Macy's Inc. shares were up almost 1%. The department-store operator outlined a three-year plan to target customers aged 13 to 30. Macy's rival Kohl's Corp. shares edged up 0.6%. Its stores in April will unveil an apparel collection, called Authentic Icon, that's inspired from the popular music contest show American Idol.Copyright © 2012 MarketWatch, Inc....

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