Prospecting Pays

For stockholders of Federated Department Stores, Inc., the news was the best yet. At their annual meeting in Manhattan last week, President Fred Lazarus Jr. reported sales up 28% to $246 million (for the year ending Nov. 2), profit up a whopping 90% to $11 million. This made Federated the third biggest moneymaker in the department-store field (first and second: May Dept. Stores Co., Allied Stores, Inc.).

For part of this, stockholders could thank the general high level of U.S. retailing. But they could also thank round-faced little Fred Lazarus, 62, ablest...

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