Federated Meets Profit Estimate
Federated Department Stores
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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
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May Department Stores
(MAY)
. 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.
