PACSUN PROFIT FALLS: Pacific Sunwear of California Inc.'s third-quarter earnings showed a steep decline on a slight sales decrease, the company said after the market closed Thursday. For the three months ended Oct. 28, net income fell to $9 million, or 13 cents a diluted share, from $40.5 million, or 54 cents, in the year-ago period. Sales dropped 0.5 percent to $375.4 million from $377.5 million. Same-store sales during the quarter showed a decrease of 6.7 percent. For the nine-month period, net income decreased to $30.6 million, or 43 cents a diluted share, from $79.2 million, or $1.04. Sales rose 2.3 percent to $989 million from $966.5 million last year.

FEDERATED-BELK SWAP: Federated Department Stores Inc. said in a statement Thursday that it inked a real estate deal with Belk Inc. to exchange a Macy's store in Wilmington, N.C., for a Parisian store in Collierville, Tenn. "Both stores are expected to begin clearance sales shortly after Christmas, close in late February and reopen in spring 2007," Federated said in a statement. "Associates at both stores will be considered for employment with the new owners. Any associates not offered ongoing positions will be eligible for severance and outplacement benefits."

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