Terry Lundgren Quotations

While the store's name will change, much of what customers love will stay the same, including Marshall Field's traditions and its outstanding record of community and charitable giving.

We expect our direct-to-consumer sales to grow to more than $750 million by 2008 from about $450 million in 2005.

With the merger, we'll become stronger, faster-growing and more profitable than if we went ahead alone, ... The strength of our branding will be across twice the number of stores than we currently operate.

By announcing these decisions now, we can begin more specific planning for the future. This includes discussing potential career opportunities within Federated for May Company employees and ensuring new merchandise assortments are in place as soon as possible in stores acquired from May.

That's substantially larger than Marshall Field's is in total.

We will be meeting with the May Co. organization and continuing to learn more about its business so we can make the best possible long-term decisions,

In the short term, we are focused on serving customers and delivering results through the holiday selling season.

We are pleased with our February sales performance. Same-store sales for Macy's and Bloomingdale's locations were encouraging and above our guidance. Non-comparable stores were slightly above plan.

These actions reflect our confidence in the future operating results and cash flow of the company, as well as our ongoing determination to build long-term shareholder value.

one of the best-selling brands in American today.