Cash Flow
Cash flow from operating activities was $665 million in the first half of 2005, compared to $586 million in the same period last year. After first-half investing activities of $237 million this year and $281 million last year, cash flow before financing activities was $428 million compared to $305 million in the same period last year.
The company repurchased no shares of Federated common stocks in the first half. There were an average of 175.7 million diluted shares outstanding for the second quarter of 2005, compared to 182.0 million in the same period last year.
Looking Ahead
Federated expects same-store sales increases of approximately 3 percent in each of the third and fourth quarters. The company does not plan to issue guidance on its third or fourth quarter earnings until after the May merger closes.
Federated, with corporate offices in Cincinnati and New York, is one of the premier retailers, with annual sales of more than $15.6 billion. Federated operates more than 450 department stores in 34 states, Guam and Puerto Rico under the names of Macy's and Bloomingdale's. The company also operates macys.com and Bloomingdale's By Mail.
Federated Department Stores Inc
marketing@alchempro.com
