May Dept Stores (NYSE:MAY)
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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