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Federated Department Stores(FD Quote) swung to a first-quarter profit but missed analysts' estimates following soft sales in April and weakness at new Macy's locations.
The company, citing uncertainty about the economic environment, also lowered the bottom end of its projected earnings range for the second quarter.
The Cincinnati-based retailing giant earned $36 million, or 8 cents a share, in the first quarter. A year earlier, the company had a loss of $52 million, or 9 cents a share, weighed down by charges from the 2005 purchase of May Department Stores. ...
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