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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 L20S9++/RV+y5bxSXzuPmnskqHGOVXv2T13YCh5XysxIXnYq+ISHX6dQ1g9rZIEk
 uU1rARzi49KrGhTBU/U5Ww==

<SEC-DOCUMENT>0001005794-03-000184.txt : 20030606
<SEC-HEADER>0001005794-03-000184.hdr.sgml : 20030606
<ACCEPTANCE-DATETIME>20030606150547
ACCESSION NUMBER:		0001005794-03-000184
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030606
FILED AS OF DATE:		20030606

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			UPCHURCH PAUL
		CENTRAL INDEX KEY:			0001182903

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14565
		FILM NUMBER:		03735812

	BUSINESS ADDRESS:	
		STREET 1:		P O BOX 4300 NEW GETWELL
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38118

	MAIL ADDRESS:	
		STREET 1:		P O BOX 4300 NEW GETWELL
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38118

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FREDS INC
		CENTRAL INDEX KEY:			0000724571
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-VARIETY STORES [5331]
		IRS NUMBER:				620634010
		STATE OF INCORPORATION:			TN
		FISCAL YEAR END:			0127

	BUSINESS ADDRESS:	
		STREET 1:		4300 NEW GETWELL RD
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38118
		BUSINESS PHONE:		9013658880

	MAIL ADDRESS:	
		STREET 1:		4300 NEW GETWELL ROAD
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38118

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BADDOUR INC
		DATE OF NAME CHANGE:	19910620
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType><periodOfReport>2003-06-06</periodOfReport><notSubjectToSection16>1</notSubjectToSection16>
    <issuer>
        <issuerCik>0000724571</issuerCik>
        <issuerName>FREDS INC</issuerName>
        <issuerTradingSymbol>FRED</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId>
            <rptOwnerCik>0001182903</rptOwnerCik>
            <rptOwnerName>UPCHURCH PAUL</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>Vice President</officerTitle></reportingOwnerRelationship></reportingOwner><nonDerivativeSecurity><securityTitle><value>Class A Common Stock</value></securityTitle><transactionDate><value>2003-06-06</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>1200</value><footnoteId id="F1"/></transactionShares><transactionValue><value>37.3</value></transactionValue><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>243</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value></value
></natureOfOwnership></ownershipNature></nonDerivativeSecurity><derivativeSecurity><securityTitle><value>Option on Class A Common Stock</value></securityTitle><conversionOrExercisePrice><value>8</value></conversionOrExercisePrice><transactionDate><value>2003-06-06</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>X</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>1200</value></transactionShares><transactionValue><value>8</value></transactionValue><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2003-03-02</value><footnoteId id="F1"/></exerciseDate><expirationDate><value>2005-03-02</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Class A Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>1200</value></underlyingSecurityShares></underlyingSecurity><post
TransactionAmounts><sharesOwnedFollowingTransaction><value>675</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value></value></natureOfOwnership></ownershipNature></derivativeSecurity><footnotes><footnote id="F1">Mr. Upchurch sold these shares as part of a cashless exercise under an option to purchase up to 5,625 shares granted on March 2, 2000 and vesting in equal thirds on the first three anniversaries (2001, 2002 and 2003) from the 1993 Long-Term Incentive Plan.</footnote></footnotes><ownerSignature><signatureName>Paul Upchurch</signatureName><signatureDate>2003-06-06</signatureDate></ownerSignature></ownershipDocument>

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