updated 11/8/2006 9:54:20 AM ET 2006-11-08T14:54:20

Federated Department Stores Inc., parent of Macy's and Bloomingdale's, Wednesday reported a quarterly loss as it absorbed costs related to its acquisition of May Department Stores.

The retailer reported 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.

Excluding May merger integration costs and inventory valuation adjustments, Federated said its third-quarter earnings per share from continuing operations were 20 cents.

Federated acquired May Department Stores last year and converted more than 400 former May stores to the Macy's name in September, creating a national chain of more than 800 Macy's chain. The department store operator is betting the new, larger chain will give it more sway with advertisers and vendors.

In September, Federated also unleashed the largest advertising campaign in its history to promote the national Macy's chain, hoping the effort would draw former May shoppers into the Macy's stores.

(c) Reuters 2006. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%
Source: Bankrate.com