Federated Meets Profit Estimate

Federated Department Stores (FD Quote) said second-quarter earnings per share nearly doubled from a year ago, and same-store sales for the last three months rose 1.1%.

The company earned 84 cents a share on sales of $3.62 billion in the quarter, up from a profit of 43 cents a share with sales of $3.58 billion a year ago. Total sales were up 1.2% year over year.

Federated, the owner of Macy's and Bloomingdale's, is planning to merge with May Department Stores (MAY Quote). The company said it wouldn't issue earnings guidance until after the merger closes, but it did say it expects same-store sales increases of about 3% in both the third and fourth quarters.

Analysts surveyed by Thomson First Call were looking for earnings of 84 cents and sales of $3.62 billion in the second quarter.

On Tuesday, May reported second-quarter earnings of 16 cents a share, down from 33 cents a share a year ago. Sales climbed 16.6% to $3.45 billion.