Federated Income Rises
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.