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May 10, 2006
Federated's Q1 Profit Dips
Federated Department Stores reported a $52 million loss for the first quarter, due mainly to costs related to its acquisition last year of May Department Stores.
Results for the quarter ended April 29 show a significant change from the $123 million profit the company reported a year earlier.
Federated said it’s still absorbing its $11 billion buy of May, which is the parent company of the Macy’s and Bloomingdale chains.
Still, the retail giant reaped revenue of $5.9 billion for the quarter, up 63 percent from a year ago. Federated saw strength in the fact that same store sales at Macy’s and Bloomingdale’s were flat during the quarter, rather than down as many expected.
Posted by Blacks on May 10, 2006 08:51 AM
