Federated Income Rises

Share this article:
Federated Department Stores Inc., Cincinnati, yesterday reported income from continuing operations of $133 million for the quarter ended Aug. 3, up from $124 million in the same period last year.


The company's income from continuing operations in the first half of 2002 was $222 million, an increase of 22 percent over $182 million in the same period of 2001.


Sales of $3.486 billion in the second fiscal quarter of 2002 were flat versus sales of $3.488 billion last year. On a same-store basis, second-quarter sales fell 2.8 percent.


Sales in the first 26 weeks of 2002 totaled $6.939 billion, a drop of 1.5 percent from $7.044 billion last year. On a same-store basis, first-half sales were down 2.9 percent.


Operating income in the second quarter totaled $300 million, or 8.6 percent of sales. This compares with $213 million, or 6.1 percent of sales, in second-quarter 2001 including restructuring charges or $247 million (7.1 percent of sales) excluding those charges.


For the first 26 weeks of 2002, Federated's operating income totaled $521 million, or 7.5 percent of sales. This compares with $391 million, or 5.5 percent of sales, last year including restructuring charges or $470 million (6.7 percent of sales) excluding those charges.


Discontinued operations during the quarter showed an after-tax gain of $149 million resulting from the disposition of most of the Fingerhut core catalog assets, including the receivables. For the year to date, discontinued operations produced cash of $622 million.


In other news:


* Too Inc., New Albany, OH, reported net income of $5.5 million for the 2002 second fiscal quarter compared with $2.9 million for the 2001 period. Net sales in the 13 weeks ended Aug. 3 rose 13 percent to $141.2 million from $125.5 million for the 13 weeks ended Aug. 4, 2001. Net income for the 26 weeks ended Aug. 3 was $11.4 million, compared with $6.7 million for the like period last year. Net sales for the first six months of fiscal 2002 totaled $299.8 million, up 14 percent from $262.1 million.


* On Aug. 13, Abercrombie & Fitch, New Albany, OH, reported that net sales for the 13 weeks ended Aug. 3 rose 18 percent to $329.2 million from $280.1 million in the 13 weeks ended Aug. 4, 2001. Comparable-store sales fell 5 percent in the quarter. Net income in the quarter rose 24 percent to $31.1 million from $25 million. Year-to-date net sales increased 18 percent to $641.9 million from $543.8 million last year. Comparable-store sales for the year-to-date period fell 6 percent. Net income, year-to-date, increased 19 percent to $54.4 million from $45.6 million last year.


Share this article:
close

Next Article in Multichannel Marketing

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in Multichannel Marketing

Metal Mulisha Races Towards Customization

Metal Mulisha Races Towards Customization

The motocross apparel company boosts mobile and Web conversions through product recommendations and personalized search.

Nielsen Allies With Pointlogic on Cross-Channel Planning

Nielsen Allies With Pointlogic on Cross-Channel Planning

Aim is to develop a "next generation" media planning tool.

If Only Engendering Loyalty Was as Easy as Clicking Your Heels

If Only Engendering Loyalty Was as Easy as ...

Rack Room Shoes combines data, research, and mobile email to deliver a high-heeled digital loyalty program.