Federated Department Stores Inc., parent company of Fingerhut, cut its second-quarter earnings estimate from 70-75 cents per share to between 40 and 50 cents per share. Results are expected in early September.
Federated attributed the earnings miss to a shortfall in sales, and said that it would mark down its existing inventory. The company also incurred $46 million in restructuring costs related to closing its Stern
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