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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 QIxB8tp+xF0g6Ch13HLugyjPApl2eEP2uDXqU3dI7EQdcHH4uAkwpPloL9c84vXP
 2Y1OJiVXlyfYEG2577Hbbw==

<SEC-DOCUMENT>0001005794-05-000178.txt : 20050301
<SEC-HEADER>0001005794-05-000178.hdr.sgml : 20050301
<ACCEPTANCE-DATETIME>20050301174646
ACCESSION NUMBER:		0001005794-05-000178
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050301
FILED AS OF DATE:		20050301
DATE AS OF CHANGE:		20050301

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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			EISENMAN JACK
		CENTRAL INDEX KEY:			0001182892

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14565
		FILM NUMBER:		05651667

	MAIL ADDRESS:	
		STREET 1:		P O BOX 4300 NEW GETWELL
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38118
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4jeisenman3105_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-03-01</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000724571</issuerCik>
        <issuerName>FREDS INC</issuerName>
        <issuerTradingSymbol>FRED</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001182892</rptOwnerCik>
            <rptOwnerName>EISENMAN JACK</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>P O BOX 4300 NEW GETWELL</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MEMPHIS</rptOwnerCity>
            <rptOwnerState>TN</rptOwnerState>
            <rptOwnerZipCode>38118</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-03-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>7030</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>5.33</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>10544</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>5.33</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-03-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>7030</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>5.33</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2003-03-02</value>
            </exerciseDate>
            <expirationDate>
                <value>2005-03-02</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>7030</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>16125</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <ownerSignature>
        <signatureName>/s/ John R. Eisenman</signatureName>
        <signatureDate>2005-03-01</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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