MAY Malaysia Fund (The)

The May Department Stores Company Reports Sales Increase of 2.3% for December ST. LOUIS, Jan. 8 /PRNewswire-FirstCall/ -- The May Department Stores Company reported preliminary net sales of $2.52 billion for the five-week period ended Jan. 3, 2004, a 2.3% increase from $2.46 billion in the similar period last year. Store-for-store sales increased 1.1%. December store-for-store sales increased 1.6%, excluding the remaining 30 stores that May previously announced it will divest. Net sales for the first 11 months of fiscal 2003 were $12.63 billion, a 1.6% decrease compared with $12.84 billion during the first 11 months of fiscal 2002. Net sales were as follows: Fiscal Fiscal Percent Store-for-Store Inc./(Dec.) (dollars in 2003 2002 Inc./(Dec.) Actual Adjusted * millions) December $ 2,517.0 $ 2,459.6 2.3% 1.1% 1.6% Year-to-date 12,626.8 12,835.5 (1.6) (3.2) (3.0) * Excludes the remaining 30 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. Giftables led our December business. The driving forces were "initial" products, "signature" logos, and the appeal of color. This was particularly important in costume and silver jewelry, handbags, and small leather goods, as well as ladies' tops. We also experienced strong sales in fashion cold-weather merchandise such as knit scarves, mufflers, gloves, and headwear. Other jewelry classifications that performed well were earrings and leather-strap fashion watches. Men's gifts had strong performances in designer dress shirts and neckwear, as did our "gift headquarters" shops featuring interactive games, portable companion televisions, and air purifiers. Non-apparel gift ideas from home that performed well included portable electronics like Apple iPod MP3 players, mini-screen DVD players, and digital cameras. Cookware, novelty bakeware, gadgets, and personal care classifications such as back and body massagers and shavers also were popular gifts. Furniture sales were strong, although the home store business, especially textiles and tabletop, lagged. Other businesses that achieved good sales were apparel for the younger customer in both tailored and casual sportswear and active and young men's collections. Shoes, boots, and ladies' suits also achieved increases. May's Bridal Group opened nine David's Bridal stores in December, completing its plan to open 30 stores in fiscal 2003. May also opened six After Hours Formalwear stores and acquired 125 Gingiss Formalwear and Gary's Tux Shop stores. The May Department Stores Company currently operates 448 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, 463 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. Contact: Sharon Bateman 314-342-6494 DATASOURCE: The May Department Stores Company CONTACT: Sharon Bateman, +1-314-342-6494, for The May Department Stores Company

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