Fred Meyer Inc. reported record sales and income for its 1988 fourth quarter and for the fiscal year ended Jan. 28.

Net sales for the 1988 fourth quarter rose 16.1 percent to $568.4 million over the $489.7 million reported in the fourth quarter of the prior year. Comparable store sales increased 12.3 percent for the quarter.Net income for the 1988 fourth quarter increased 11.2 percent to $15.3 million from $13.7 million reported a year ago. Net earnings per share rose 8.8 percent to 62 cents for the fourth quarter of 1988 based on 24,646,000 shares outstanding.

Net income for 1988 increased 14.4 percent to $36.7 million from $32.0 million a year ago.