The May Department Stores Company Reports Sales Decrease of 6.8% for April; 3.1% Increase for First Quarter
May 06 2004 - 9:38AM
PR Newswire (US)
The May Department Stores Company Reports Sales Decrease of 6.8%
for April; 3.1% Increase for First Quarter ST. LOUIS, May 6
/PRNewswire-FirstCall/ -- The May Department Stores Company
reported preliminary net sales of $902 million for the four-week
period ended May 1, 2004, a 6.8% decrease from $967 million in the
similar period last year. Store-for-store sales decreased 8.1%.
April store-for-store sales decreased 7.5%, excluding the remaining
19 stores that May previously announced it will divest. Sales
comparisons for April 2004 reflect the shift in the calendar with
Easter occurring one week earlier this fiscal year and by the
related movement of a major sales promotion event to the last week
of March 2004 from the first week of April 2003. Combined March and
April store-for-store sales increased 2.1%, excluding the 19 stores
that May previously announced it will divest. Net sales for the
first quarter of fiscal 2004 were $2.96 billion, a 3.1% increase
compared with $2.87 billion during the first quarter of fiscal
2003. Net sales were as follows: Fiscal Fiscal Percent
Store-for-Store 2004 2003 Inc./(Dec.) Inc./(Dec.) (dollars in
millions) Actual Adjusted* April $901.5 $967.4 (6.8)% (8.1)% (7.5)%
March/April 2,082.5 2,026.5 2.8 1.4 2.1 First Quarter 2,962.9
2,872.6 3.1 1.7 2.5 * Excludes the remaining 19 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. Most merchandise categories were affected by the
change in the April promotional calendar. Handbags, small leather
goods, watches, and fashion accessories, however, continued to
achieve strong sales increases. Ladies' footwear ranked among our
best performers. Tailored sportswear, led by newness in jackets and
skirts, as well as men's suit components and young men's apparel
also were strong. Children's and home furnishings continued to lag
overall store performance. First quarter sales were led by a strong
showing of new spring fashions, more tailored looks, and the
importance of color. Handbags and small leather goods, led by the
signature trend, costume jewelry, watches, and fashion accessories
achieved strong sales increases. Ladies' footwear growth was
particularly strong, fueled by fashion-right designer and
higher-pricepoint dressier looks in pumps, strappy styles, sandals,
and thongs. Genuine athletic and athletic-inspired looks were top
sellers as well. Newness, jackets, and skirts led the growth in
tailored ladies' sportswear separates and suits. Juniors' and young
men's apparel responded to this season's fashion trends and
performed well. Men's clothing and dress furnishings outperformed
the store based on the return to a more dressed-up look. Dresses,
children's, and home furnishings lagged overall store performance.
During April, May's Bridal Group opened three David's Bridal stores
in New York, Texas, and Michigan. The May Department Stores Company
currently operates 439 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 213 David's Bridal stores, 457 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. DATASOURCE: The May Department Stores Company
CONTACT: Sharon Bateman of The May Department Stores Company,
+1-314-342-6494
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