USA: Federated Profits Drop In March
For the year to date, Federated's sales totaled $2.579bn, a decrease of 5.6 per cent compared to sales of $2.732bn for the first nine weeks of last year. On a comp-store basis, Federated's year-to-date sales were down 2.5 per cent.
"We are very disappointed with March sales," said James M. Zimmerman, Federated's chairman and chief executive officer.
"Weather was a factor in many parts of the country, but we think deteriorating consumer confidence in the wake of current economic uncertainty is also having a significant impact on our sales. As a result of these recent trends, we are revising our 2001 comp store sales guidance to a zero to one per cent increase from our previous expectations of up two per cent for the year."
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