May Dept Stores (NYSE:MAY)
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The May Department Stores Company Reports Sales Increase of 4.1% for February
ST. LOUIS, March 4 /PRNewswire-FirstCall/ -- The May Department Stores Company
reported preliminary net sales of $880 million for the four-week period ended
Feb. 28, 2004, a 4.1% increase from $846 million in the similar period last
year. Store-for-store sales increased 2.6%. February store-for-store sales
increased 3.3%, excluding the remaining 23 stores that May previously announced
it will divest.
Net sales wereas follows:
Store-for-Store
Fiscal Fiscal Percent Increase
2004 2003 Increase Actual Adjusted *
(dollars in millions)
February $ 880.4 $ 846.1 4.1% 2.6% 3.3%
* Excludes the remaining 23 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.
Handbags, small leather goods, jewelry, and fashion watches continued to drive
the accessories business and were particularly strong during the pre-
Valentine's Day period, as were new fragrance lines. Newness in jackets and
skirts helped fuel sales of tailored looks in ladies' sportswear and suits.
Dresses experienced a significant upturn, led by special occasion categories
from prom to mother-of-the bride, as well as petites and women's sizes.
The momentum in footwear accelerated, and juniors and young men's sportswear
businesses continued to be among our top performers. In men's collections, the
more modern lifestyle is winning with the fashion customer. In children's, there
was improvement in girls and tween apparel categories; and layette was a
standout.
The debut of Hotel Suite -- our new, high-quality proprietary brand of luxury
textiles, china, crystal, and furniture -- was well received by the customer.
Electronic gifts and home decor product also performed well, but the total home
furnishings results were lackluster overall.
Sales of new, fashion-right spring merchandise were strong throughout apparel
and accessories. Customers responded to the appeal of color, led by shades of
pink; modern stripes interpreted across the store from men's sport shirts to
sheets and comforters; and the resurgence of feminine looks in footwear,
jewelry, and apparel. Current trends in shorts, swimwear, sunglasses, make-up,
and skin care, as well as luggage bode well for the coming warm-weather months.
May's Bridal Group opened two After Hours Formalwear stores in February.
In fiscal 2004, May plans to open eight department stores: two Foley's stores,
two Hecht's stores, and one store each for Filene's, Meier & Frank,
Robinsons-May, and The Jones Store. May also plans to open 30 David's Bridal
stores, an additional 18 After Hours stores, and two Priscilla of Boston
stores.
The May Department Stores Company currently operates 442 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 210 David's Bridal stores, 460 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.
This release also 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 butare
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.
DATASOURCE: The May Department Stores Company
CONTACT: Sharon Bateman, +1-314-342-6494, for The May Department Stores
Company