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Federated second-quarter profit rises

Written by: Staff

NEW YORK, Aug 9 (Reuters) Federated Department Stores Inc., parent of Macy's and Bloomingdale's, on Wednesday said quarterly profit rose as it integrated its acquisition of May Department Stores.

Federated reported a profit of 7 million, or 57 cents per share for its second quarter ended July 29, compared with 8 million, or 42 cents per share, a year earlier.

It said earnings per share from continuing operations were 51 cents per share.

Excluding May merger integration costs and inventory valuation adjustments and gains on the sale of credit receivables, earnings from continuing operations were 49 cents a share.

Analysts, on average, had been expecting 44 cents per share excluding special items, according to Reuters Estimates.


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