Federated Income Rises

Share this content:
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.


close

Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

We recently were named B2B Magazine's Direct Marketing Agency of the Year, and with good reason: We make real, measureable, positive change happen for our clients. A full-service agency founded in 1974, Bader Rutter expertly helps you get the right message to the right audience at the right time through the right channels. As we engage our clients' audiences along their journey, direct marketing (email, direct mail, phone, SMS) and behavioral marketing (SEM, retargeting, contextual) channels deliver information relevant to the needs of each stage. We are experts at implementing and leveraging marketing technologies such as CRM and marketing automation in order to synchronize sales and marketing communications. Our team of architects and activators plan, execute, measure and adjust in real time to ensure the strategy is working as needed and change things if it's not.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above