Federated's 1Q sales drop

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Federated Department Stores Inc. yesterday reported that sales in the first quarter ended May 5 totaled $5.921 billion, a 0.2 percent decrease compared to last year.

On a same-store basis, Federated's first-quarter sales were up 0.6 percent.

"Sales in the quarter were soft, particularly in April," Terry J. Lundgren, chairman and president/CEO of Federated, said in a statement.

While the company was "pleased" with sales in legacy Macy's and Bloomingdale's stores, "sales in the new Macy's locations were disappointing in the quarter," Mr. Lundgren said.

Federated, Cincinnati, also reported diluted earnings per share from continuing operations of 11 cents for the first quarter. This compares with a loss of 13 cents per diluted share from continuing operations for the same period last year.

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