<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)