May Dept Stores (NYSE:MAY)
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The May Department Stores Company Reports Sales for October
ST. LOUIS, Nov. 1 /PRNewswire-FirstCall/ -- The May Department Stores Company
(NYSE:MAY) reported preliminary net sales of $1.09 billion for the four-week
period ended Oct. 30, 2004, a 22.9% increase from $887.3 million in the similar
period last year. Store-for-store sales decreased 2.3%. October
store-for-store sales decreased 2.2%, excluding the remaining 15 stores that
May previously announced it will divest.
For the third quarter of fiscal 2004, net sales were $3.48 billion, a 17.0%
increase compared with $2.98 billion during the third quarter of fiscal 2003.
Net sales for the first nine months of fiscal 2004 were $9.40 billion, a 6.2%
increase, compared with $8.85 billion during the first nine months of fiscal
2003.
Net sales were as follows:
(dollars in millions) Store-for-Store Decrease
Fiscal Fiscal Percent
2004 2003 Increase Actual Adjusted *
October $1,090.3 $887.3 22.9% (2.3)% (2.2)%
Third quarter 3,483.4 2,976.1 17.0 (3.4) (3.0)
Year-to-date 9,402.0 8,849.0 6.2 (1.3) (0.8)
* Excludes the remaining 15 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.
Despite the fact that some of our merchandise categories met or exceeded plan,
our overall sales did not achieve the expected levels. In particular, dresses,
coats, and intimate apparel were among the weaker performers. Home furnishings
remained difficult.
Sportswear appealing to the young-adult female customer and ladies' suits
continued to experience sales increases, as did ladies' accessories led by
jewelry, better handbags, ponchos, and other fashion-right layering pieces. In
men's apparel, designer dress shirts, neckwear, suit separates, and collections
sportswear with a modern twist also had increases. Sales of junior sportswear
and young men's sportswear were above the trend for the total store.
During October, May opened four department stores: a Foley's store in El Paso,
Texas; a Hecht's store in Nashville, Tenn.; a Meier & Frank store in Portland,
Ore.; and a Robinsons-May store in Rancho Cucamonga, Calif. Three additional
openings are planned for the year.
May's Bridal Group opened six David's Bridal stores in October for a total of
19 new stores to date this year. The Bridal Group also opened two After Hours
Formalwear stores for a total of 13 year-to-date. An additional 11 David's
Bridal stores and seven After Hours stores will open by year-end.
The May Department Stores Company currently operates 500 department stores
under the names of Famous-Barr, Filene's, Foley's, Hecht's, Kaufmann's, Lord &
Taylor, L.S. Ayres, Marshall Field's, Meier & Frank, Robinsons-May,
Strawbridge's, and The Jones Store, as well as 229 David's Bridal stores, 458
After Hours Formalwear stores, and 11 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 of The May Department Stores Company,
+1-314-342-6494