The board of directors of Federated Department Stores, Inc. (NYSE:FD)(PCX:FD) today declared a regular quarterly dividend of 12.5 cents a share on Federated common stock and increased the company's authorized stock repurchase program by $750 million.
The dividend is payable April 1, 2004 to shareholders of record at the close of business on March 15, 2004.
The $750 million authorization for stock repurchase adds to the approximately $70 million remaining under the existing authorization. Federated spent about $645 million to repurchase approximately 16 million shares in 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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