Federated Issues 2003 Earnings Guidance Jan 16, 2003

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Federated Department Stores, Inc. today provided preliminary earnings guidance for fiscal 2003, which will be further refined with the conclusion of fiscal 2002 and when year-end earnings are released on February 25.

Federated is forecasting both sales and earnings per share (EPS) to be essentially flat in 2003 compared to 2002. The company said that free cash flow will continue to be significant, however, providing numerous options for returning value to shareholders.

Federated has corporate offices in Cincinnati and New York and is a leading U.S. department store retailers, with annual sales in excess of $15 billion. Federated operates more than 460 stores in 34 states, Guam, and Puerto Rico, under the names of Macy's, Bloomingdale's, The Bon Marche, Burdines, Goldsmith's, Lazarus, and Rich's-Macy's, as well as macys.com and Bloomingdale's By Mail.

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