-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 MHBfh+MT6q9HVsUs8NcKPcwuT6vaY50Lbtcl73F2RFBy58d+tki0f5T+nS9RLDFi
 byXsb6uGcIYpVZLFhvWO/A==

<SEC-DOCUMENT>0001005477-05-003003.txt : 20050830
<SEC-HEADER>0001005477-05-003003.hdr.sgml : 20050830
<ACCEPTANCE-DATETIME>20050830144035
ACCESSION NUMBER:		0001005477-05-003003
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050829
FILED AS OF DATE:		20050830
DATE AS OF CHANGE:		20050830

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Sykes Jimmy L
		CENTRAL INDEX KEY:			0001335790

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14565
		FILM NUMBER:		051058453

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		9012382877

	MAIL ADDRESS:	
		STREET 1:		4300 NEW GETWELL ROAD
		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>3
<SEQUENCE>1
<FILENAME>edgar123.xml
<DESCRIPTION>FORM 3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2005-08-29</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001335790</rptOwnerCik>
            <rptOwnerName>Sykes Jimmy L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4300 NEW GETWELL ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MEMPHIS</rptOwnerCity>
            <rptOwnerState>TN</rptOwnerState>
            <rptOwnerZipCode>38118</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Vice President</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Option on Class A Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>17.67</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2004-09-11</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2010-09-11</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Option on Class A Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>20.60</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2004-09-19</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2010-09-19</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>750</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Option on Class A Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>14.60</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2005-09-08</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2011-09-08</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Option on Class A Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>14.68</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2006-05-27</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2011-05-27</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Option on Class A Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>15.37</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2006-06-09</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2012-06-09</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2250</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Grant of options contingent upon company meeting or exceeding Company's fiscal year 2005 financial plan.  Vesting 10% each anniversary date until 2010 at which time the remaining 60% vest.</footnote>
        <footnote id="F2">Vesting 10% each of the first four anniversary dates; on the fifth anniversary date the remaining 60% vest.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Jimmy Sykes</signatureName>
        <signatureDate>2005-08-29</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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