Federated Department Stores

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lowered its earnings guidance for the second quarter and fiscal 2001, citing continued weak sales in its department store segment.

The company also said it now expects same-store sales for the fall season to decline, and said it would mark down existing inventory in order to "start the second half of the year in good shape." The company projected second-quarter earnings of 40 cents to 50 cents a share, while analysts are expecting income of 65 cents.

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