Business Digest


February 28, 2007

Nation: Earnings

Federated net income up 5%

Federated Department Stores Inc., parent of Macy's and Bloomingdale's, said yesterday that stronger sales at established stores and lower costs drove its fourth-quarter earnings up 5 percent. For its fiscal fourth quarter that ended Feb. 3, net income rose to $733 million, or $1.40 per share, from $699 million, or $1.26 per share, a year ago. Stripping out costs related to the integration of the stores acquired in the 2005 acquisition of May, Federated said its earnings for the latest quarter were $1.66 per share, topping its estimate of $1.55 to $1.60 per share issued about three weeks ago.

True Value profit rises 53%

Hardware cooperative True Value Co. reported yesterday a $72.8 million profit for 2006, the most in 19 years, as it continues a modest financial recovery despite losing members. True Value, which is owned by its retailer members and not publicly traded, said its earnings rose 53 percent from $47.6 million the previous year amid a focus on increased profitability. Excluding one-time items, including a $4.2 million gain from benefit plan changes and $5.7 million from legal gains, it said earnings rose 9 percent to $62.9 million.

Sirius loss narrows to $245.6 million

Sirius Satellite Radio Inc., which has agreed to acquire its rival XM Satellite Radio Holdings Inc., reported yesterday a narrower loss for the fourth quarter as revenue more than doubled. Sirius had a net loss of $245.6 million, or 17 cents a share, in the last three months of 2006 versus a loss of $311.4 million, or 23 cents per share, in the corresponding period a year earlier. Revenue more than doubled to $193.4 million from $80 million a year earlier.

This column was compiled from dispatches by the Associated Press and Bloomberg News.

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