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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