Federated Posts 3Q Loss of $3 Million

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Federated Department Stores Inc., owner of the Macy’s and Bloomingdale’s chains, on Wednesday said it lost $3 million in the third quarter due mostly to costs related to its acquisition of May Department Stores. Its shares fell more than 4 percent in premarket trading, the Associated Press reports.


The loss for the quarter ended Oct. 28 amounted to a penny per share compared with a profit of $436 million, or 90 cents per share, during the same period last year.


Excluding integration costs related to the May Department Stores acquisition and inventory adjustments that totaled a combined $90 million, or 17 cents per share, the company posted earnings from continuing operations of 20 cents per share in the latest period.


Read the full Associated Press story

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