Macy reports increased salesR. H. Macy & Co., the...

BUSINESS DIGEST

May 04, 1993

Macy reports increased sales

R. H. Macy & Co., the department and specialty store operator, yesterday reported increased sales in March and said it had met its cash-flow target for the second straight month, despite stormy weather that closed stores.

In its monthly report to the U.S. Bankruptcy Court, which is overseeing Macy's performance, the company said its total sales for the five weeks that ended April 3 increased 7.7 percent, to $504.9 million, from $487.1 million in the corresponding period last year. Going-out-of-business sales at six I. Magnin stores contributed to the relatively robust sales volume, Macy said.

Northwest, unions reach accord

Northwest Airlines and unions representing mechanics and flight attendants announced a tentative agreement yesterday to swap employee stock ownership for concessions.

The agreement does not include the Air Line Pilots Association, which Machinists officials say is vital for the package's success, and it depends on bankers' agreeing to restructure Northwest's loans. Members of the Machinists union and the International Brotherhood of Teamsters, which represets flight attendants, must ratify the pact.

CSX hopeful on cost reductions

CSX Corp. thinks it can boost its cost reductions from rail operations this year to $179 million, from the $89 million it cut last year, says James Ermer, senior vice president for finance.

"We still have a lot more to come over the next four to five years," Mr. Ermer said, speaking at a workshop last week on the railroad industry at the New York Society of Security Analysts.

Kodak names temporary CFO

Eastman Kodak Co. named a longtime executive as its temporary chief financial officer yesterday, and the outside directors issued a statement expressing limited support for the embattled chairman, Kay R. Whitmore.

Mr. Whitmore said he had already begun interviewing candidates to replace Christopher J. Steffen, whose resignation last week as chief financial officer touched off a furor among investors and sent the price of Kodak shares tumbling.

Legg Mason launches global fund

Legg Mason Inc. announced yesterday that it has launched its 12th mutual fund, the Legg Mason Global Government Trust.

The fund, which has been sold for a month, has $47 million in assets, according to a Legg spokesman, which makes it the fastest starter of any of the company's funds. The fund's objective is to provide capital appreciation and current income by investing primarily in high-quality debt securities of the United States and foreign governments.

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