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NEW YORK – Federated Department Stores Inc. on Wednesday reported third quarter loss due to in part to the integration of the May Co. merger.
For the three months ended Oct. 28, the loss was $3 million, or 1 cent a diluted share, against income of $436 million, or 90 cents, in the year-ago quarter. Integration costs for the May merger was $117 million in the quarter. Sales rose 6 percent to $5.89 billion from $5.56 billion.
“Our third quarter earnings performance was at the high end of our expectations. On a year-to-date basis, we’re ahead of guidance. We continue to view 2006 as a transition year that has included a tremendous amount of change for our organization, notably a transition of more than 400 stores to the Macy’s nameplate. With a new brand structure now fully in place, we look forward to a successful holiday selling season and to continued improvement in financial results in 2007,” said Terry Lundgren, chairman and chief executive officer, in a statement.
For complete coverage see tomorrow’s issue of WWD.