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August 10, 2006
Federated On Track After Solid Q2
Federated Department Stores outperformed expectations in the second quarter, thanks to strong same-store sales and a hefty IRS tax refund.
The retail giant reported sales of $6 billion for the quarter ended July 29, compared to sales of $3.6 billion for the year-ago period. Federated purchased May Department Stores last year, giving it a big boost in sales volume.
Net income for the quarter came in at $317 million compared to $148 million last year, while same-store sales rose 4.6%.
Federated said it was pleased with the results, as they signaled that the May stores integration was on track.
Posted by Blacks on August 10, 2006 09:16 AM
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