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Federated Fuels Sales

CINCINNATI-Federated Q1 income reaches $123 million equating to a 27% increase compared to the same period last year.

By Dana Dubriwny | Updated on May 11, 2005

CINCINNATI-Federated Department Stores Inc. reported Wednesday a net income in the first quarter of 2005 was $123 million, an increase of 27% compared to $97 million in the same period last year. Sales also increased, with a 2.5% growth to $3.6 billion, from sales of $3.5 billion in the same period last year. On a same-store basis, Federated’s year-to-date sales were up 2.6%. Top sale-generating items included jewelry, cosmetics, handbags, men’s and women’s sportswear, juniors and kids clothing.

“We are obviously very pleased about the quarter,” Karen Hoguet, chief financial officer, told investors. “We were concerned about the strong performance we were up against from the fourth quarter of last year.”

The company reported diluted earnings per share of 71 cents for the fiscal first quarter of 2005, reflecting strong sales and margin performance in the first 13 weeks of the retail year. Earnings per share in the quarter exceeded the company’s initial guidance of 45 to 50 cents and revised guidance of 65 to 70 cents a diluted share, and reflects an increase of 34% over diluted earnings per share of 53 cents for the first quarter of 2004.

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