Federated reports strong third quarter.CINCINNATI Cincinnati (sĭnsənăt`ē, –năt`ə), city (1990 pop. 364,040), seat of Hamilton co., extreme SW Ohio, on the Ohio River opposite Newport and Covington, Ky.; inc. as a city 1819. , Ohio--(BUSINESS WIRE)--Nov. 8, 1995--Excluding costs integral to fueling the company's growth strategy, Federated Connected and treated as one. See federated database and federated directories. Department Stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. , Inc. today reported strong operating results for the third quarter of 1995. Federated said its net income for the 13-week period ended October October: see month. 28, 1995 was $45.2 million or 25 cents a share, with operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $186.6 million or 5.6 percent of sales, excluding the following: o the impact of the Broadway Broadway, famous thoroughfare in New York City. It extends from Bowling Green near the foot of Manhattan island N to 262d St. in the Bronx. Throughout its length Broadway is chiefly a commercial street. Stores, Inc. acquisition, which is included in Federated's operating results for the quarter; and o $39.1 million in business integration and consolidation expenses related to the Broadway and Macy's Macy's formerly R.H. Macy & Co., Inc. Major U.S. department-store chain. Its former flagship, an 11-story store that occupies a city block in New York City's Herald Square, was for many years the largest single store in the country. Rowland H. mergers and divisional consolidations. Including these items, Federated posted a net loss of $46.4 million or 24 cents a share on operating income of $105.0 million. (Comparisons with last year's third quarter are not meaningful because of Federated's subsequent acquisitions of R.H. Macy
For the first 39 weeks of 1995, Federated reported a net loss of $170.3 million or 91 cents a share, and operating income of $117.6 million or 1.2 percent of sales. Excluding the impact of the Broadway acquisition, business integration and consolidations expenses, and a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charitable contribution charitable contribution n. in taxation, a contribution to an organization which is officially created for charitable, religious, educational, scientific, artistic, literary, or other good works. of $25.6 million to the Federated Department Stores Foundation, Federated would have posted net income of $41.6 million or 23 cents a share for the first nine months of Fiscal 1995, with operating income of $397.2 million or 4.2 percent of sales. Sales for the third quarter of 1995 totaled $3,748.4 million ($3,333.5 million excluding Broadway), compared to sales of $1,926.8 million in the same period last year. For the first 39 weeks of Fiscal 1995, sales totaled $9,783.6 million ($9,368.8 million excluding Broadway), compared to sales of $5,176.5 million for the first nine months of last year. For comparative and analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. purposes, total 1994 sales for Federated and Macy's stores -- excluding I. Magnin I. Magnin was a San Francisco, California-based high fashion and specialty luxury department store. Over the course of its existence, it expanded across the West into Southern California and the adjoining states of Arizona, Oregon, and Washington. , which has been closed -- were $3,352.6 million in the third quarter and $9,221.4 million for the first nine months. On this basis, comp-store sales would have increased 1.5 percent in the third quarter and 2.9 percent in the first 39 weeks of 1995. Allen Al·len , Edgar 1892-1943. American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. Questrom, Federated's chairman and chief executive officer, said the company is pleased with its third quarter performance -- particularly in light of weaker-than-anticipated retail sales in most of the markets in which Federated operates -- and with the continued progress being made in divisional consolidations, as well as the integration of Macy's into Federated. "I am proud to say that we have achieved our goals for integrating Macy's into Federated on an ambitious timetable “Schedule” redirects here. For other uses, see Schedule (disambiguation). A timetable or schedule is an organized list or schedule, usually set out in tabular form, providing information about a series of arranged events: in particular, the time at which that challenged every part of our organization, and that every part of our organization met or exceeded," Questrom said. "We have made tremendous progress both operationally, in improved efficiencies and productivity, and strategically, through capital investments that we believe have positioned Federated for longer-term growth in key markets. "Looking to the fourth quarter, we remain cautiously optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that consumer confidence in the economy will produce comp-store sales increases within the 2-3 percent range that we anticipate for Federated," Questrom added. "While we are still uncertain about the performance of Broadway's stores during Christmas Christmas [Christ's Mass], in the Christian calendar, feast of the nativity of Jesus, celebrated in Roman Catholic and Protestant Churches on Dec. 25. In liturgical importance it ranks after Easter, Pentecost, and Epiphany (Jan. 6). , we are very encouraged about the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. potential of the Broadway stores to be converted to Macy's or Bloomingdale's This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. nameplates." Federated, with corporate offices in Cincinnati and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , is one of the nation's leading department store retailers, with annual sales of more than $15 billion. Federated currently operates more than 440 department stores and 100 specialty and clearance stores in 37 states. Federated's department stores now operate under the names of Bloomingdale's, The Bon Marche Marche, region, Italy Marche (mär`kā) or the Marches, region (1991 pop. 1,429,205), 3,742 sq mi (9,692 sq km), E central Italy, extending from the eastern slopes of the Apennines to the Adriatic Sea. , Broadway, Bullock's The references in this article would be clearer with a different and/or consistent style of citation, footnoting or external linking. Bullock's was a department store based in Los Angeles, California. , Burdines The references in this article would be clearer with a different and/or consistent style of citation, footnoting or external linking. Burdines was a leading department store chain in the state of Florida that was part of Federated Department Stores, Inc. , Emporium, Goldsmith's Goldsmith's was a department store founded in Memphis, Tennessee in 1870 by German immigrant brothers Jacob and Isaac Goldsmith, who, with a $500 investment, opened a dry goods store on a muddy lane called Beale Street. , Jordan Marsh Jordan Marsh was the name of a Boston, Massachusetts-based department store. Founded in 1841 and eventually part of Allied Stores and then Federated Department Stores; in 1996, the last of the Jordan Marsh stores were renamed Macy's. , Lazarus Lazarus (lăz`ərəs) [Gr.,=Heb., Eleazar], in the New Testament. 1 Brother of Mary and Martha of Bethany who, after four days in the tomb, was brought back to life by Jesus. , Macy's, Rich's
Rich's was a major department store retail chain, headquartered in Atlanta, Georgia, that operated in the southern U.S. , Stern's Stern's was a regional department store chain serving the U.S. states of New York, Pennsylvania, and New Jersey. The chain was in business for more than 130 years, prior to its 2001 integration into Macy's and Bloomingdale's. and Weinstock's. (NOTE: Information on Federated and its operating divisions, including copies of past press releases and corporate background data, also is available by calling Fax-On-Demand at 1-800-853-9150.) -0-
FEDERATED DEPARTMENT STORES, INC.
Operating Results (Unaudited)
_____________________________
(All amounts in thousands, except percentages and per share
figures)
Consolidated Statements Analytical
of Income Results (Note 5)
_______________________ ________________
13 Weeks Ended 13 Weeks Ended
_______________________ ________________
October 28, October 29, October 28,
1995 1994 1995
___________ ___________ ________________
Net Sales $ 3,748,369 $1,926,811 $ 3,333,528
___________ __________ ___________
Cost of sales (Note 2) 2,328,577 1,185,926 2,039,616 Percent to sales 62.1% 61.6% 61.2% Selling, general and administrative expenses (Note 3) 1,275,680 611,563 1,107,315 Percent to sales 34.0% 31.7% 33.2% Business integration and consolidation expenses 39,134 - -
Percent to sales 1.1% - -
___________ __________ ___________
Operating Income 104,978 129,322 186,597 Percent to sales 2.8% 6.7% 5.6%
Interest expense -
net (130,289) (50,986) (104,617)
___________ __________ ___________
Income (Loss) Before Income Taxes (25,311) 78,336 81,980
Federal, state and
local income
tax expense
(Note 4) (21,084) (33,993) (36,766)
___________ __________ ___________
Net income
(loss) $ (46,395) $ 44,343 $ 45,214
___________ __________ ___________
___________ __________ ___________
FEDERATED DEPARTMENT STORES, INC.
Operating Results (Unaudited)
_____________________________
(All amounts in thousands, except percentages and per share
figures)
Consolidated Statements Analytical
of Income Results (Note 4)
_______________________ ________________
13 Weeks Ended 13 Weeks Ended
_______________________ ________________
October 28, October 29, October 28,
1995 1994 1995
___________ ___________ ________________
Earnings (Loss)
per Share $ (.24) $ .35 $ .25
_________ _________ _________
_________ _________ _________
Average Number of
Shares
Outstanding 197,017 126,600 183,040
_________ _________ _________
_________ _________ _________
Notes: (1) Because of the seasonal nature of the department store business, the results for the 13 weeks ended October 28, 1995 and October 29, 1994 (which do not include the Christmas season) are not indicative of the results for the year. (2) Substantially all merchandise inventories are valued by the retail method and stated on the LIFO (Last In-First Out) A queueing method in which the next item to be retrieved is the item most recently placed in the queue. Contrast with FIFO. LIFO - stack (last-in, first-out last-in, first-out n. A method of inventory accounting in which the most recently acquired items are assumed to have been the first sold. In a period of rising prices, this method yields a lower ending inventory, a higher cost of goods sold, a lower ) basis, which is generally lower than market. Application of this method, did not impact the 13 weeks ended October 28, 1995 and resulted in a charge of $3,375,000 for the 13 weeks ended October 29, 1994. (3) Includes depreciation and amortization expense of $134,250,000 ($122,600,000 included in analytical results) and $64,052,000 for the 13 weeks ended October 28, 1995 and October 29, 1994, respectively. (4) Income tax expense reflects the non-deductibility of the approximately $65.0 million pre-tax loss of Broadway Stores, Inc. for the period from July July: see month. 29, 1995 through October 28, 1995. (5) Analytical results exclude the impact of business integration and consolidation expenses and the impact of the Broadway acquisition on Federated's consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: operations, interest expense and per-share earnings. -0-
FEDERATED DEPARTMENT STORES, INC.
Operating Results (Unaudited)
_____________________________
(All amounts in thousands, except percentages and per share
figures)
Consolidated Statements Analytical
of Income Results (Note 5)
_______________________ ________________
39 Weeks Ended 39 Weeks Ended
_______________________ ________________
October 28, October 29, October 28,
1995 1994 1995
___________ ___________ ________________
Net Sales $ 9,783,624 $5,176,542 $ 9,368,783
___________ __________ ____________
Cost of sales (Note 2) 6,015,413 3,169,401 5,726,452 Percent to sales 61.5% 61.3% 61.1% Selling, general and administrative expenses (Note 3) 3,413,526 1,688,442 3,245,161 Percent to sales 34.9% 32.6% 34.7% Business integration and consolidation expenses 211,479 27,005 - Percent to sales 2.2% 0.5% - Charitable contribution to Federated Department Stores Foundation 25,581 - -
Percent to sales 0.2% - -
___________ __________ ____________
Operating Income 117,625 291,694 397,170 Percent to sales 1.2% 5.6% 4.2%
Interest expense -
net (331,057) (145,023) (305,385)
___________ __________ ____________
Income (Loss) Before Income Taxes (213,432) 146,671 91,785
Federal, state and
local income
tax benefit
(expense) (Note 4) 43,112 (66,334) (50,206)
___________ __________ ____________
Net income (loss) $ (170,320) $ 80,337 $ 41,579
___________ __________ ____________
___________ __________ ____________
FEDERATED DEPARTMENT STORES, INC.
Operating Results (Unaudited)
_____________________________
(All amounts in thousands, except percentages and per share
figures)
Consolidated Statements Analytical
of Income Results (Note 5)
_______________________ ________________
39 Weeks Ended 39 Weeks Ended
_______________________ ________________
October 28, October 29, October 28,
1995 1994 1995
___________ ___________ ________________
Earnings (Loss)
per Share $ (.91) $ .63 $ .23
_________ _________ _________
_________ _________ _________
Average Number of
Shares
Outstanding 187,508 126,545 182,849
_________ _________ _________
_________ _________ _________
Notes: (1) Because of the seasonal nature of the department store business, the results for the 39 weeks ended October 28, 1995 and October 29, 1994 (which do not include the Christmas season) are not indicative of the results for the year. (2) Substantially all merchandise inventories are valued by the retail method and stated on the LIFO (last-in, first-out) basis, which is generally lower than market. Application of this method, resulted in charges of $1,761,000 and $9,180,000 for the 39 weeks ended October 28, 1995 and October 29, 1994, respectively. (3) Includes depreciation and amortization expense of $365,031,000 ($353,381,000 included in analytical results) and $185,327,000 for the 39 weeks ended October 28, 1995 and October 29, 1994, respectively. (4) Income tax benefit (expense) reflects the non-deductibility of the approximately $65.0 million pre-tax loss of Broadway Stores, Inc. for the period from July 29, 1995 through October 28, 1995. (5) Analytical results exclude the impact of business integration and consolidation expenses, the impact of the charitable contribution to Federated Department Stores Foundation and the impact of the Broadway acquisition on Federated's consolidated operations, interest expense and per-share earnings. CONTACT: Federated Department Stores, Inc., Cincinnati Media - Carol Sanger Sanger, city (1990 pop. 16,839), Fresno co., S central Calif., in the San Joaquin Valley; inc. 1911. It is a shipping and processing center for a variety of agricultural products. Manufactures include sheet metal products, wine, machinery, and corrugated boxes. , 513/579-7764 Investor - Susan SUSAN Smallest Univalue Segment Assimilating Nucleus SUSAN Sub Saharan African Network SUSAN Smart Ultrasonic System for Aircraft NDE Robinson, 513/579-7780 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion