MAY Malaysia Fund (The)

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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