Federated Income, Sales Dip

Share this article:
Federated Department Stores Inc., Cincinnati, yesterday posted operating income for the first quarter ended May 3 of $146 million, or 4.4 percent of sales, compared with $221 million, or 6.4 percent of sales, in the first quarter last year.


Cash flow from continuing operating activities reached $204 million in the quarter, up from $169 million last year. Sales in the quarter totaled $3.29 billion, a drop of 4.7 percent from $3.45 billion. On a same-store basis, year-to-date sales fell 5 percent.


In other news:


· Net sales at Tiffany & Co., New York, rose 14 percent for the three months ended April 30 to $395.84 million compared with $347.13 million in the previous year. Net earnings increased 10 percent to $35.86 million from $32.71 million a year ago. Direct marketing sales climbed 10 percent to $37.28 million versus $33.82 million a year ago. Combined catalog/Internet sales rose 22 percent as a result of continued strength in e-commerce.


· United Retail Group Inc., Rochelle Park, NJ, said that for the first quarter of fiscal 2003 ended May 3, net sales totaled $101.5 million compared with $115.6 million in the prior-year period. Comparable-store sales fell 12 percent in the quarter. The net loss was $4.5 million, down from net income of $2.9 million in the comparable period a year ago. URG brands include Avenue -- with catalog, retail and Internet operations -- and Cloudwalkers.com, with catalog and online operations.


· Too Inc., New Albany, OH, reported net income of $4.2 million in the fiscal first quarter ended May 3, down from $5.8 million for the year-ago period. Net sales were $140.1 million, versus $158.6 million in the 2002 period. The company cited "a fashion misstep" that influenced fourth-quarter results as continuing to affect part of Limited Too's spring apparel assortment.


Comparable-store sales dropped 18 percent, versus a 4 percent rise in the year-ago period. The later Easter holiday this year and "the resultant shift of the redemption period for its spring Too Bucks promotion" produced a shift of about $6.5 million in sales from first to second quarter.


This material may not be published, broadcast, rewritten or redistributed in any form without prior authorization. Your use of this website constitutes acceptance of Haymarket Media's Privacy Policy and Terms & Conditions