Profit at Federated More Than Doubles
From the Associated Press
Federated Department Stores Inc. reported better-than-expected quarterly results and raised its forecast for the second half of the year as it converts more stores to the Macy’s nameplate.
The Cincinnati-based retailer reported net income of $317 million, or 57 cents a share, for its fiscal second quarter ended July 29, compared with $148 million, or 42 cents, a year earlier. Revenue nearly doubled to just under $6 billion from $3.62 billion.
Federated expects to finish converting the May Department Stores properties it acquired last year to Macy’s in September, making Macy’s the first nationwide department store chain.
