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 CINCINNATI (AP) - Federated Department Stores Inc., which reported a 59 percent jump in earnings on Tuesday on the strength of last year's acquisition of May Department Stores Co., said it is pushing ahead with plans to build its Macy's name into a national brand.
"The Macy's brand is one of the most recognizable names in the retail department store/specialty store industry," Federated Chairman Terry J. Lundgren told The Associated Press in a telephone interview Tuesday. "I've felt for a long time that this is an asset that we haven't fully maximized in terms of its potential."
Federated said it made $699 million for the quarter ended Jan. 28, compared with $440 million a year ago, helped by stronger-than-expected performance in both the Federated and former May division, as well as a benefit from a tax settlement and related adjustments. Revenue totaled $9.57 billion, up from $5.12 billion a year ago.
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