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May 17, 2007
Federated Posts Q1 Income Boost, Plans Name Change
Federated Department Stores is on the mend, reporting first quarter income of $36 million, compared to a loss of $52 million last year.
The company, which owns the Macy’s and Bloomingdale’s chains, said it was happy with the performance of more mature stores, despite a weakness in newer locations.
Federated purchased the Macy’s chain two years ago and has been busy converting its May locations to Macy’s doors.
In fact, Federated plans to change its corporate name to Macy’s, pending shareholder approval.
Posted by Blacks on May 17, 2007 08:28 AM
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