Federated Department Stores Inc. reported income totaling $133 million for the second quarter, an increase of 8.5% over $124 million for the same period last year.
Sales of $3.5 billion were flat with last year. On a same-store basis, the Cincinnati based company’s sales were down 2.8%. The quarter ended Aug. 3.
Sales in the first 26 weeks of 2002 totaled $6.9 billion, a decrease of 1.5% from sales of $7.04 billion for the 2001 second quarter. On a same-store basis, Federated’s first-half sales were down 2.9%.
Operating income in the second quarter was $300 million or 8.6% of sales, versus $213 million or 6.1% of sales for the same period in 2001, including restructuring charges related to the closing of the Stern’s department stores and the conversion of Liberty House stores into Macy’s.
The company reported 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.
Federated operates over 460 retail stores, Macys.com and Bloomingdale’s By Mail.
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