Federated Meets Quarterly Profit Forecasts
Chicago, Federated Department Stores Inc.’s quarterly profit nearly doubled, meeting Wall Street forecasts. For the second quarter, Federated earned $148 million, or 84? per share. Analysts had predicted the company’s shares would be 84? for the quarter. The company attributed much of the gain to strong summer clothing sales.
Federated owns Macy’s and Bloomingdale’s and is in the process of taking over May Department Stores Co. in an $11 billion deal. The company will not provide profit forecasts for the second half of the year before the agreement is finalized.