Different Results for 2 Stores in 3rd Quarter - NYTimes.com

Federated, the parent of Macy's and Bloomingdale's, had net income of $3 million, or 2 cents a share, in contrast to a loss of $668 million, or $3.32 a share, in the period a year earlier. Sales fell 10 percent, to $3.78 billion, as sales at department stores open at least a year dropped 8.6 percent.

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Fourth-quarter earnings will be $1.85 to $2 a share, excluding restructuring costs, while same-store sales will decline 7 percent to 10 percent, Federated said. Analysts' average forecast is $1.87, according to First Call.

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The company's fourth-quarter profit will be 49 to 56 cents a share, compared with 56 cents a share in the period a year earlier.

The company took a charge in the most recent quarter of $10 million, or 5 cents a share, for the early retirement of debt. Excluding that charge and restructuring expenses for moves that include the closing of the Stern's chain, profit would have been $32 million, or 17 cents a share, the company said. On that basis, Federated was expected to earn 15 cents a share, according to Thomson Financial/First Call.

At Tiffany, net income dropped to $24 million, or 16 cents a share, compared with $36.3 million, or 24 cents a share, in the quarter a year earlier. Its sales fell 10 percent, to $333.1 million.

Federated Department Stores Inc. swung to a profit in the third quarter, and Tiffany & Company's net income fell 34 percent, the companies said yesterday.

Shares of Federated rose $2.28, to $37.11.