Macy's parent reports higher profits
Macy's parent reports higher profits
- 2004-02-24 - Pacific Business News (Honolulu)
It wasn't just Macy's former Liberty House stores in Hawaii that were busy in December. Parent company Federated Department Stores Inc. says its whole network of department stores did better than expected in the holiday season to produce one third higher fourth quarter profits than the year before.
That in turn reduced the decline in full year 2003 profits, though those still came in below $700 million, when they had been over $800 million in 2002. Profits for the year fell about 15 percent on revenues that were down only slightly.
Federated closed eight stores and opened a dozen new ones in 2003, and three of the new ones were in Hawaii, Macy's furniture stores on Kauai, Maui and the Big Island.
Fourth quarter at a glance:
Net income: $460 million. Year before: $341 million.
Per share: $2.50. Year before: $1.78.
Revenue: $5.05 billion. Year before: $5.02 billion.
Year 2003 at a glance:
Net income: $693 million. Year before: $818 million.
Per share: $3.71. Year before: $4.12.
Revenue: $15.26 billion. Year before: $15.44 billion.
Cincinnati-based Federated also reported Tuesday that January was surprisingly strong, in part because the mainland saw such cold weather that coat sales soared; the company also predicted that sales for this month will come in at least 7 percent above year-ago levels, or three times as good as their original minimum expectations.
"We entered 2003 strategically focused on four key priorities for improving our business over the longer term -- differentiating merchandise assortments, simplifying pricing, enriching the overall shopping experience and communicating better with our customers through more effective marketing," CEO Terry Lundgren said. "Our results for the year indicate that we are making progress on these strategies and the customer is responding, which we think bodes well for sales growth in the coming months."
- 2004-02-24 - Pacific Business News (Honolulu)
It wasn't just Macy's former Liberty House stores in Hawaii that were busy in December. Parent company Federated Department Stores Inc. says its whole network of department stores did better than expected in the holiday season to produce one third higher fourth quarter profits than the year before.
That in turn reduced the decline in full year 2003 profits, though those still came in below $700 million, when they had been over $800 million in 2002. Profits for the year fell about 15 percent on revenues that were down only slightly.
Federated closed eight stores and opened a dozen new ones in 2003, and three of the new ones were in Hawaii, Macy's furniture stores on Kauai, Maui and the Big Island.
Fourth quarter at a glance:
Net income: $460 million. Year before: $341 million.
Per share: $2.50. Year before: $1.78.
Revenue: $5.05 billion. Year before: $5.02 billion.
Year 2003 at a glance:
Net income: $693 million. Year before: $818 million.
Per share: $3.71. Year before: $4.12.
Revenue: $15.26 billion. Year before: $15.44 billion.
Cincinnati-based Federated also reported Tuesday that January was surprisingly strong, in part because the mainland saw such cold weather that coat sales soared; the company also predicted that sales for this month will come in at least 7 percent above year-ago levels, or three times as good as their original minimum expectations.
"We entered 2003 strategically focused on four key priorities for improving our business over the longer term -- differentiating merchandise assortments, simplifying pricing, enriching the overall shopping experience and communicating better with our customers through more effective marketing," CEO Terry Lundgren said. "Our results for the year indicate that we are making progress on these strategies and the customer is responding, which we think bodes well for sales growth in the coming months."
posted by DP at 6:39 PM
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