CINCINNATI, May 13 (Reuters) - Federated Department Stores Inc (FD - news). said on Wednesday that it expects earnings growth for the rest of the year to be lower than that of the first quarter.
Net income for the owner of Bloomingdale's, Macy's and Burdines rose 150 percent to $60 million, or $0.27 per diluted share in the first quarter ended May 2, 1998 from $24 million, or $0.11 a share the year before.
``We are pleased with the strength of the company's first quarter performance, although results for the first quarter are not terribly significant in the context of the total retail year,'' said James Zimmerman, chairman and chief executive officer, in a statement.
``We also believe that the strong improvement in earnings in the quarter, while encouraging, reflects a higher rate of increase than will be seen for the balance of the year,'' he said.
Sales for the first quarter of 1998 totaled $3,456 million, an increase of 1.4 percent over total sales of $3,409 million in the same period last year. On a comparable-store basis, sales for the quarter increased 2.4 percent.
Federated currently operates more than 400 department stores and 160 specialty stores in 36 states.