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Federated Board Authorizes Dividend Increase

From: ASAP

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The board of directors of Federated Department Stores, Inc. (NYSE:FD)(PCX:FD), today declared a regular quarterly dividend of 13.5 cents a share on Federated common stock, payable July 1, 2004 to shareholders of record at the close of business on June 15, 2004.

The dividend is an increase of eight percent over the previous quarterly dividend rate of 12.5 cents a share, first declared by the Federated board in April 2003.

Federated, with corporate offices in Cincinnati and New York, is one of the nation's leading department store retailers, with annual sales of more than $15.2 billion. Federated operates more than 450 stores in 34 states, Guam and Puerto Rico under the names of Macy's, Bloomingdale's, Bon-Macy's, Burdines-Macy's, Goldsmith's-Macy's, Lazarus-Macy's and Rich's-Macy's. The company also operates macys.com and Bloomingdale's By Mail.

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