The May Department Stores Company Reports Sales Decrease of 2.7% For Month of May
June 03 2004 - 9:31AM
PR Newswire (US)
The May Department Stores Company Reports Sales Decrease of 2.7%
For Month of May ST. LOUIS, June 3 /PRNewswire-FirstCall/ -- The
May Department Stores Company (NYSE:MAY) reported preliminary net
sales of $978 million for the four-week period ended May 29, 2004,
a 2.7% decrease from $1.01 billion in the similar period last year.
Store-for-store sales decreased 3.8%. Store-for-store sales for the
month of May decreased 3.1%, excluding the remaining 18 stores that
May previously announced it will divest. Sales comparisons for May
2004 reflect the shift of Memorial Day into fiscal June, as well as
the related movement of a major end-of-week sales promotion event
from the last week of May 2003 to the first week of June 2004. Net
sales for the first four months of fiscal 2004 were $3.94 billion,
a 1.6% increase compared with $3.88 billion during the first four
months of fiscal 2003. Net sales were as follows: Fiscal Fiscal
Percent Store-for-Store Inc./(Dec.) (dollars in 2004 2003
Inc./(Dec.) Actual Adjusted * millions) Month of May $977.8
$1,005.0 (2.7)% (3.8)% (3.1)% Year-to-date 3,940.7 3,877.6 1.6 0.3
1.0 * Excludes the remaining 18 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. We continued to experience strong sales in ladies'
accessories led by handbags, small leather goods, and sunglasses.
Ladies' footwear, better sportswear, and suits achieved solid
increases, reflecting the consumer's ongoing response to must-have
items and dressier, put-together looks. Sales of more casual summer
styles in ladies' and men's sportswear and swimwear gained
momentum. Newness in skirts, cropped pants, and knit tops fueled
brisk sales in apparel appealing to the young adult and junior
customer, while young men's sportswear also performed well. Weaker
businesses included dresses and children's. Home furnishings
remained difficult. May's Bridal Group opened two David's Bridal
stores in Maryland and Virginia, and two After Hours Formalwear
stores in Maryland and South Carolina. The May Department Stores
Company currently operates 438 department 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 215 David's Bridal
stores, 457 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. For more information,
contact Sharon Bateman at (314) 342-6494. DATASOURCE: The May
Department Stores Company CONTACT: Sharon Bateman, +1-314-342-6494,
The May Department Stores Company
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