Fred Meyer Inc. reported record third-quarter sales and income as sales rose 13.7 percent to $466.9 million over the $410.5 million reported in the third quarter last year. Comparable store sales increased 9.7 percent for the quarter.

Net income for the quarter increased 12.5 percent to $5.0 million from $4.5 million reported a year ago. Net earnings per share rose 16.7 percent to 21 cents per share for the third qurter of 1988 based on 24.54 million shares outstanding, compared with 18 cents for the prior year's quarter based on 24.47 million shares outstanding.Income from operations for the 1988 third quarter was $10.2 million, a 5.8 percent increase over the $9.7 million reported in the prior year's third quarter.

For the first 40 weeks of 1988, net sales rose to $1.51 billion, 10.8 percent over the $1.36 billion reported in the same period for 1987. Comparable store sales increased 6.4 percent over the first 40 weeks of 1987.

Net income for 1988's first 40 weeks increased 16.9 percent to $21.4 million from $18.3 million a year ago. Net earnings per share for the first 40 weeks of 1988 were 88 cents per share.