Federated Posts Loss of $3 Million

November 8th, 2006

New York, NY - Federated Department Stores Inc. has reported a $3 Million quarterly loss and weaker than expected sales. The parent of Macy's and Bloomingdale's is absorbing the costs of its acquisition of May Department Stores.

Federated Department Stores Inc. has reported a $3 Million quarterly loss and weaker than expected sales. The parent of Macy's and Bloomingdale's is absorbing the costs of its acquisition of May Department Stores.

Federated posted a loss of $3 million, or 1 cent per share, for its fiscal third quarter ended Oct. 28, compared with profit of $436 million, or 90 cents per share a year ago.

Federated's shares fell 3.3 percent to $39 in trading before the market opened, down from their previous close of $40.34 on the New York Stock Exchange.

Excluding May merger integration costs and inventory valuation adjustments, Federated said its third-quarter earnings per share from continuing operations were 20 cents, below analysts' average estimate of 25 cents per share, according to Reuters Estimates.