Federated, Allied Stores Lose $2 Billion
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CINCINNATI — Campeau Corp.’s Federated Department Stores and Allied Stores divisions posted losses of more than $2.1 billion in their fourth fiscal quarters, largely because of a writedown stemming from their bankruptcy reorganization.
But the companies, which own nearly 260 U.S. department stores such as Bloomingdale’s, Rich’s and Lazarus, also reported that they posted operating profits for both the fourth quarter and full year.
Federated lost $1.34 billion in the fourth quarter on sales of $1.59 billion, contrasted with a profit of $27.6 million and sales of $1.49 billion a year earlier.
Allied lost $836.8 million on sales of $892.2 million in the quarter, contrasted with a profit of $37.6 million on sales of $869.8 million.
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