The May Department Stores Company Reports Sales Increase of 11.5% for March
April 08 2004 - 9:42AM
PR Newswire (US)
The May Department Stores Company Reports Sales Increase of 11.5%
for March ST. LOUIS, April 8 /PRNewswire-FirstCall/ -- The May
Department Stores Company reported preliminary net sales of $1.18
billion for the five-week period ended April 3, 2004, an 11.5%
increase from $1.06 billion in the similar period last year.
Store-for-store sales increased 10.1%. March store-for-store sales
increased 10.9%, excluding the remaining 20 stores that May
previously announced it will divest. Sales comparisons in March
2004 benefited from Easter occurring one week earlier this fiscal
year and the related movement of a major sales promotion event from
the first week of fiscal April 2003 to the last week of fiscal
March 2004. The companyanticipates its April sales performance will
be adversely affected by this calendar shift. Net sales for the
first two months of fiscal 2004 were $2.06 billion, an 8.2%
increase compared with $1.91 billion during the first two months of
fiscal 2003. Net sales were as follows: Fiscal Fiscal Percent
Store-for-Store Increase (dollars in 2004 2003 Increase Actual
Adjusted * millions) March $ 1,181.0 $ 1,059.1 11.5% 10.1% 10.9%
Year-to-date 2,061.3 1,905.2 8.2 6.7 7.5 * Excludes the remaining
20 stores that May previously announced it will divest. Net sales
include merchandise sales and lease department income. Store-
for-store sales compare sales of stores open during both years
beginning the first day a new store has prior-year sales and
exclude sales of stores closed during both years. Ladies' footwear,
handbags, and accessories, led by shades of pink and bright colors,
continued as standout performers in March. Jewelry and watches
benefited from the emergence of new spring must-haves like
chandelier earrings and pearl necklaces. Tailored looks gained
importance throughout apparel and shoes, reflecting the underlying
upswing in dressier merchandise, as well as the earlier Easter
timing. The customer responded to suits in both ladies' and men's.
Men's suit separates in modern interpretations also performed well,
while dress shirts, neckwear, and belts drove the pick-up in men's
furnishings. Young men's sportswear, particularly street
collections, experienced brisk selling. Home decor and lifestyle
merchandise for outdoors performed well. Luggage, small electrics,
and portable electronics had solid performances in the home store
as well. During March, May opened a Hecht's store at Mayfaire Town
Center in Wilmington, N.C. In addition, May's Bridal Group opened
one After Hours Formalwear store. The May Department Stores Company
currently operates 440department stores under the names of Lord
& Taylor, Famous-Barr, Filene's, Foley's, Hecht's, Kaufmann's,
L.S. Ayres, Meier & Frank, Robinsons-May, Strawbridge's, and
The Jones Store, as well as 210 David's Bridal stores, 458 After
Hours Formalwear stores, and 10 Priscilla of Boston stores in its
Bridal Group. May operates in 46 states, the District of Columbia,
and Puerto Rico. This release contains forward-looking statements
as defined by the Private Securities Litigation Reform Act of 1995.
While this release reflects all available information and
management's judgment and estimates of current and anticipated
conditions and circumstances and is prepared with the assistance of
specialists within and outside the company, there are many factors
outside of our control that have an impact on our operations. Such
factors include but are not limited to competitive changes, general
and regional economic conditions, consumer preferences and spending
patterns, availability of adequate locations for building or
acquiring new stores, and our ability to hire and retain qualified
associates. Because of these factors, actual performance could
differ materially from that described in forward-looking
statements. For more information, contact Sharon Bateman on (314)
342-6494. DATASOURCE: May Department Stores Company CONTACT: Sharon
Bateman, +1-314-342-6494, for May Department Stores Company
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