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HAWAII
Waipahu apartments sell for $32 million

A California company has purchased a 406-unit low-rise apartment complex in Waipahu for $32.2 million. Irvine-based Bascom Group LLC said it bought the fee-simple Sunset Villa Apartments from a unit of Steadfast Cos., which is headquartered in Newport Beach, Calif.

Built in 1966, the complex consists of 98 two-story buildings of an average size of 891 square feet, plus common facilities such as a hot tub, a learning center and a laundry facility. Bascom Group said the rents range from $905 to $1,220 a month.

Bascom has been an active buyer of multifamily residential properties in Southern California for the past four years, buying 8,000 units, according to the company. Bascom also has a commercial side that owns 3.2 million square feet of industrial property in California.

MAINLAND
Federated posts net, names CEO

CINCINNATI >> Federated Department Stores Inc., the parent of Macy's and Bloomingdale's, today said it swung to a fourth-quarter profit and named Chief Operating Officer Terry Lundgren as chief executive.

The company also raised its earnings outlook for the current fiscal year, although same-store sales are still expected to be flat to down 1.5 percent for the year.

Lundgren's promotion was part of a long-planned management transition, the company said. He succeeds James Zimmerman, who will continue as chairman.

The retailer said it earned $341 million, or $1.78 per share, in the fourth quarter, ended Feb. 1. That compares with a year-earlier loss of $447 million, or $2.23 per share, including $770 million in one-time costs to wind down the Fingerhut catalog business.

Excluding asset impairment, store closing and other restructuring items, profit was $1.99 in the latest quarter. Analysts on average were expecting $1.95 per share, according to research firm Thomson First Call.

The company said it kept costs in check to make up for slow sales.

Home Depot reports lower profit

ATLANTA >> The Home Depot said today its profit slipped 3.4 percent in the fourth quarter despite gains in its appliance business and cautioned that sales may be flat this year. The latest earnings results still beat Wall Street expectations.

The nation's largest home improvement store chain also announced that it will no longer give quarterly earnings guidance so it can focus on its long-term outlook. It will give guidance only on an annual basis.

It earned $686 million, or 30 cents a share, in the three months ending Feb. 2 compared to a profit of $710 million, or 30 cents a share, for the same period a year ago.

Analysts surveyed by Thomson First Call were expecting earnings of 27 cents a share for the latest quarter.

Home Depot officials blamed the declines in profits and sales on having only 13 weeks in the latest fourth quarter and 14 weeks in the same quarter a year ago. Earnings were up 11 percent and sales were up 5 percent in the latest quarter compared with the first 13 weeks of the fourth quarter a year earlier, the company said.

Home Depot has been trying to retool its identity as Wilkesboro, N.C.-based Lowe's has gained ground on the longtime market leader.

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