NEW YORK — Higher sales and lower costs allowed Friedman’s Inc. to return to profitability in the third quarter of fiscal 2002.

For the three months ended June 29, the Savannah, Ga.-based jewelry retailer reported net income of $2 million, or 11 cents a diluted share. In last year’s quarter the company posted a net loss of $7 million, or 49 cents. Earnings per share beat Wall Street estimates by a penny.

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