Fred Meyer Inc. said net income was $15.6 million, or 64 cents per share, in its fourth fiscal quarter of 1990 that ended Feb. 2, compared to a loss of $23.0 million, or a loss of 93 cents per share, reported in 1989's fourth quarter.

Earnings per share figures for the fourth quarter of 1990 are based on 24.42 million shares outstanding, compared to 24.69 million in the prior year's fourth quarter.Income from operations for the 1990 fourth quarter was $26.5 million, versus a loss of $35.1 million reported in 1989's fourth quarter after taking a one-time restructuring charge of $49.3 million. If the restructuring charge were excluded, income from operations increased 87.2 percent from the $14.2 million that would have been reported in 1989.

Net sales for the 12-week fourth quarter of 1990 were $668.8 million, compared to the $672.9 million reported in the 13-week fourth quarter of 1989. Net income for 1990 increased to $33.6 million, or $1.37 per share, compared to a loss of $6.8 million, or a loss of 28 cents per share, for 1989. Earnings per share figures for 1990 are based on 24.5 million shares outstanding, compared to 24.80 million shares outstanding in 1989.

Fred Meyer Inc., headquartered in Portland, is a regional retailer of general merchandise, food, apparel, fine jewelry and home improvement products. The company currently operates 122 stores, including 94 large multidepartment stores, in Oregon, Washington, Utah, Idaho, Alaska, Montana and California.