"In the short-term, however, they are firmly focused on serving customers and delivering results through the holiday selling season. They have been careful not to disrupt or distract the Federated or May organizations so they can remain committed to achieving plans for the third and fourth quarters," he said.
Sales
Sales of $3.623 billion for the second quarter of 2005 were up 1.2 percent over sales of $3.581 billion in the same period last year. On a same-store basis, Federated's second quarter sales were up 1.1 percent.
For the year to date, Federated's sales totaled $7.264 billion, an increase of 1.9 percent over sales of $7.131 billion in the same period last year. On a same-store basis, Federated's first-half sales were up 1.8 percent.
In the second quarter of 2005, the company opened a new Macy's East store in Wheaton, MD.
Operating Income
Federated's operating income totaled $291 million or 8.0 percent of sales for the quarter ended July 30, 2005, compared to operating income of $245 million or 6.8 percent of sales for the comparable period last year. The company's operating income for the first half of 2005 was $543 million or 7.5 percent of sales, compared to $462 million or 6.5 percent of sales in the same period of 2004.
Federated's operating income included store closing, centralization and consolidation costs of $31 million for the second quarter of 2004 and $50 million for the first halfof 2004.
marketing@alchempro.com
