Federated earnings up despite flat sales

CINCINNATI - Federated Department Stores Incorporated&#39;s earnings jumped to $106 million in the third quarter, up from three million dollars a year ago, but sales were flat as the retailer contended with the sluggish economy and plunging consumer confidence. <br> <br> The company said Wednesday it benefited during the quarter ended November second from selling off parts of the Fingerhut online marketing business, plus lower price markdowns that resulted from reduced inventories. <br> <br> Earnings per share were 54 cents, compared with two cents a year ago. The third-quarter profits in 2001 were substantially reduced by restructuring costs of closing the Stern&#39;s department store group and converting the Hawaii-based Liberty House stores into Macy&#39;s. <br> <br> Sales for the quarter were flat at $3.479 billion, compared with $3.475 billion in the same period of 2001. At stores open for at least a year, sales declined by two percent. <br> <br> The company&#39;s earnings per share from continuing operations totaled 38 cents, slightly exceeding the 37-cent expectation of analysts surveyed by Thomson First Call.

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