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Shareholders Approve Name Change to Macy’s
Cincinnati, Federated Department Stores said Friday that its shareholders approved its corporate name change to Macy’s Inc., effective June 1, 2007.
On that date, the company’s shares will begin trading under the New York Stock Exchange ticker symbol M, which Federated proposed in late March. Federated has traded on the NYSE under the ticker symbol FD since 1992.
“Today represents a milestone in the history of our company,” Terry Lundgren, Federated’s chairman, president and CEO, said in a statement. “By changing our corporate name to Macy’s Inc., we are demonstrating that we are a consumer-driven company focused on growing the Macy’s and Bloomingdale’s brands. In particular, this move will increase awareness of Macy’s, which represents about 90% of the revenue of our corporation.”
Nordstrom 1Q Profit Rises 19%
Seattle, Nordstrom Inc. said Thursday its first-quarter profit rose 19%, helped in part by a change in the fiscal calendar that meant the quarter started and ended one week later than in 2006.
For the quarter ended May 5, earnings climbed to $156.8 million from $131.2 million during last year’s first quarter.
Revenue rose 9% to $1.95 billion from $1.79 billion in the year-ago quarter. Comp-store sales grew 9.5%, bolstered by interest in spring merchandise and ahead of Nordstrom’s internal expectations for the quarter, the company said.