UPDATE 2-Fred's posts Q4 profit; sees fewer store closures

* Q4 adj EPS $0.20 vs est $0.22

* Sees Q1 EPS of $0.19-$0.21 * Sees 2-4 pct fall in Q1 revenue

* Sees 2009 capex of $20-$25 mln

* Sees fewer store, pharmacy closures this year (Adds conference call details, stock activity)

March 26 (Reuters) - Discount-store operator Fred's Inc (FRED.O) posted a quarterly profit that reversed a net loss in the year-ago quarter when it incurred charges related to its store-closing program, but missed Wall Street estimates, sending its shares down as much as 6 percent.

The retailer also forecast first-quarter earnings of 19 cents to 21 cents a share and expects total sales to decline 2 percent to 4 percent.

Analysts were expecting earnings of 20 cents a share, according to Reuters Estimates.

In a conference call with analysts, Chief Financial Officer Jerry Shore said for the year, the company, which operates both stores and pharmacies, will spend about $20 million to $25 million on capital expenditures, and another $5 million on acquisitions.

That is up from the $17 million it spent last year.

Chief Executive Bruce Efird said the company will continue to "ramp up" pharmacy acquisitions this year.

Fred's, which sells household cleaning supplies, health and beauty aids, paper products and beverages among other items, also plans to open 12 to 16 stores and 10 to 14 pharmacies in 2009.

It also plans to shut three to 10 stores and five to 15 pharmacies, down from 74 stores and 32 pharmacies it closed in the previous fiscal year.

For the fourth quarter ended Jan. 31, the company posted a profit of $2.3 million, or 6 cents a share.

Excluding charges of about $8.5 million related to settlement of lawsuits and store closures, it earned 20 cents a share.

Fourth-quarter sales fell 5 percent to $469.4 million, hurt in part by adverse weather and lower pharmacy sales.

Analysts were expecting the company to earn 22 cents a share, before items, on revenue of $478.0 million.

Cost of goods sold fell 8 percent to $346.9 million.

Shares of the Memphis, Tennessee-based company touched an intra-day low of $10.90, before recouping most of the losses to trade down 27 cents at $11.36 Thursday on Nasdaq. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Amitha Rajan, Vinu Pilakkott)