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Kmart, Federated 3rd-Quarter Profits Rise

November 11, 1999|Bloomberg News

Kmart Corp. and Federated Department Stores Inc. said fiscal third-quarter profits rose as high consumer confidence and low unemployment helped boost sales, led by clothing and housewares. Net income at Troy, Mich.-based Kmart, the No. 2 discount chain behind Wal-Mart Stores Inc., rose a less-than-expected 13% because of slow clothing sales in October. Its net income rose to $43 million, or 9 cents a share, from $38 million, or 8 cents, a year ago. Sales rose 5.4% to $8.06 billion. Federated, the owner of Bloomingdale's, Macy's and other chains, said net income gained 12%, topping forecasts, to $123 million, or 56 cents a share, from profit from operations of $110 million, or 50 cents, a year ago. Sales rose 16% to $4.24 billion. Intimate Brands Inc., the biggest U.S. retailer of lingerie and bath products, said its third-quarter net income fell 4.5%, even as sales rose 15%. Net income, as expected, fell to $37.9 million, or 15 cents a share, from $39.7 million, or 15 cents, a year earlier.

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