Federated 2002 Sales Slip
Sales for fiscal 2002 totaled $15.44 billion, a 1.4 percent drop from fiscal 2001. Same-store sales fell 3 percent for the year.
Fingerhut is off Federated's books, the company reported, with all assets disposed of and all liabilities settled. Fingerhut had no effect on Federated's income in the fourth quarter.
The company projects same-store sales will be flat to down 1.5 percent in 2003.
Terry J. Lundgren, president/chief operating officer and chief merchandising officer, succeeds James M. Zimmerman as CEO effective today. Zimmerman will remain chairman.
The new corporate structure will have five vice chairs reporting directly to Lundgren. They include Ronald W. Tysoe, who since 1990 has served as vice chair, responsible for finance and real estate, and four new vice chairs who also were promoted yesterday. They are:
· Thomas G. Cody, who has served as executive vice president/legal and human resources since 1992. As vice chairman, he remains responsible for legal and human resources as well as internal audit, external affairs and philanthropic activities.
· Tom Cole, who serves as chairman of Federated Logistics & Operations, the Federated Systems Group and the company's financial, administrative and credit services divisions. Cole remains responsible for these support operations as vice chairman.
· Janet Grove, who has served as chairman of the New York-based Federated Merchandising Group since 1998. She maintains responsibility for FMG, which encompasses the company's merchandising, private brand and product development operations.
· Susan Kronick, who has been group president for regional department stores since April 2001. She will be responsible for all department store divisions: Macy's East, Macy's West and Bloomingdale's as well as Burdines, The Bon Marche and Rich's/Lazarus/Goldsmith's.