Cincinnati, OH, November 10--Federated Department reported third quarter net income that rose to $74 million, or 42 cents per share, from $67 million, or 36 cents per share, a year earlier.
Sales for the quarter ended Oct. 30, rose narrowly to $3.491 billion from $3.486 billion a year ago. Same-store sales, or sales for stores open at least one year, were up 0.4 percent.
Analysts surveyed by Thomson First Call were expecting the company to report net income of 39 cents per share on sales of $3.51 billion.
The company said it saw a "stronger trend in October in markets across the country," adding that it "experienced a post-hurricane sales recovery in Florida, although not enough to offset the negative impact in September. Last week, the company said same-store sales rose a better-than-expected 4 percent in October.
Federated reaffirmed its earnings expectations for the fourth quarter of $2.45 to $2.55 per share. The company expects same-store sales for the quarter to rise 1.5 to 3 percent. Federated anticipates that November same-store sales will be flat to up 2 percent, while December will benefit from having two extra pre-Christmas shopping days this year, resulting in an expected same-store sales increase of 1 to 3 percent.
Analysts are looking for the company to report net income of $2.51 per share on sales of $5.16 billion in the fourth quarter.
