Federated Department Stores
said January same-store sales rose 3.7%, above Wall Street's expectations, which called for 2.3% growth.
Federated, the owner of
, said total sales for the month rose to $1.11 billion, a 14% increase over the $965 million in the year-ago period. This year's total includes an extra week, due to a 53-week fiscal year.
Federated said same-store sales increased 1.6% for the fourth quarter. Total sales for the period, which includes an extra week, rose to $6.11 billion, a 2.3% increase from $5.97 billion in the year-ago quarter.
Shares of Federated fell $2.99, or 6.5%, to $42.95 in recent
New York Stock Exchange
Federated also said today that it plans to close its New Jersey-based
department store division and convert 19 of the 24 stores to Macy's and Bloomingdale's.