<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE CONSOLIDATED BALANCE SHEETS AS OF JULY 29, 1995 (UNAUDITED) AND
CONSOLIDATED STATEMENTS OF INCOME FOR THE SIX MONTHS ENDED JULY 29, 1995
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED> 
<CIK> 0000724571
<NAME> FRED'S, INC.
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          FEB-03-1996
<PERIOD-END>                               JUL-29-1995
<CASH>                                       1,598,000
<SECURITIES>                                         0
<RECEIVABLES>                                5,179,000
<ALLOWANCES>                                         0
<INVENTORY>                                 86,731,000
<CURRENT-ASSETS>                            95,880,000
<PP&E>                                      51,154,000
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                             154,197,000
<CURRENT-LIABILITIES>                       34,960,000
<BONDS>                                      2,044,000
<COMMON>                                    63,458,000
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                 115,494,000
<TOTAL-LIABILITY-AND-EQUITY>               154,197,000
<SALES>                                     93,295,000
<TOTAL-REVENUES>                            93,295,000
<CGS>                                       70,353,000
<TOTAL-COSTS>                               70,353,000
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              98,000
<INCOME-PRETAX>                               (676,000)
<INCOME-TAX>                                  (249,000)
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                  (427,000)
<EPS-PRIMARY>                                     (.05)
<EPS-DILUTED>                                     (.05)