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Wednesday, September 8, 2004

Frances affects Federated's sales



The Enquirer and the Associated Press

Hurricane Frances cost Federated Department Stores Inc. about $20 million in lost sales at Florida stores, the retailer said Tuesday.

None of the Bloomingdale's or Burdines-Macy's stores suffered major structural damage.

Federated said it expects September sales to fall 1.5 percent in stores open at least a year. It said third-quarter profit could be impacted by 3 to 4 cents per share.

Shares in Federated close at $46.12, up 84 cents.

Sales dropped on Sept. 1 as people prepared for the hurricane's arrival, Federated said. As the hurricane moved across the state during the weekend, Federated began reopening stores in southeast Florida.

Cincinnati insurance companies say it's too soon for them to assess losses from Hurricane Frances, other than to say claims are being filed and adjusters are responding to customers' needs.




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