MAY Malaysia Fund (The)

The May Department Stores Company Credits $60 Million To 62,000 Associates Nationwide in Profit Sharing Plan; Matches 94% of Eligible Associate Contributions ST. LOUIS, April 11 /PRNewswire-FirstCall/ -- The May Department Stores Company (NYSE:MAY), one of the country's leading department store retailers, today announced it is crediting $60 million through its Profit Sharing Plan to the 62,000 associates nationwide who participate in the plan. The match rate is 94% of associates' $64 million in matchable contributions for 2004. May associates contributed a total of $108 million to the plan in 2004. "We are pleased that this year's match to our associates' Profit Sharing Plan contributions is so substantial," said John L. Dunham, May's chairman, president and chief executive officer. "This is a great acknowledgement of our associates' hard work and efforts." The match rate is determined by the earnings performance of the company and the price of May stock. For 2004, May associate accounts in the Profit Sharing Plan are being credited with company stock valued at 94 cents for every dollar of personal contributions up to 5 percent of pay. This year's Profit Sharing match was boosted by an extra allocation of May ESOP preferred shares in the final year of May's ESOP. For 2004, the ESOP feature increased the company match - from a base matching rate of 26% to an actual match rate of 94%. The Profit Sharing Plan is an important part of May's overall retirement program. It provides an opportunity for associates to share in the company's earnings and offers several investment options for their contributions. The company has offered a Profit Sharing Plan for 36 consecutive years. In addition, May's Retirement Plan features a company-paid pension benefit which, along with Social Security, provides a basic level of financial security during retirement. The May Department Stores Company currently operates 492 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 240 David's Bridal stores, 449 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 further information, contact Sharon Bateman at 314-342-6494. DATASOURCE: May Department Stores Company CONTACT: Sharon Bateman, +1-314-342-6494 for May Department Stores Company

Copyright