The May Department Stores Company Reports Sales Decrease of 5.3% for July
August 05 2004 - 9:30AM
PR Newswire (US)
The May Department Stores Company Reports Sales Decrease of 5.3%
for July ST. LOUIS, Aug. 5 /PRNewswire-FirstCall/ -- The May
Department Stores Company (NYSE:MAY) reported preliminary net sales
of $817.9 million for the four-week period ended July 31, 2004, a
5.3% decrease from $863.4 million in the similar period last year.
Store-for-store sales decreased 5.5%. July store-for-store sales
decreased 5.0%, excluding the remaining 15 stores that May
previously announced it will divest. July sales were affected by a
timing change in the Texas sales tax holiday and the related
movement of a major end-of-week sales promotion event at the
Foley's division from the last week of July 2003 to the first week
of August 2004. This shift reduced May's total store-for-store
sales in July by an estimated 3.5%. Net sales for the second
quarter of fiscal 2004 were $2.96 billion, a 1.5% decrease,
compared with $3.00 billion during the second quarter of fiscal
2003. For the first six months of fiscal 2004, net sales were $5.92
billion, a 0.8% increase, compared with $5.87 billion during the
first six months of fiscal 2003. Net sales were as follows: Fiscal
Fiscal Percent Store-for-Store Inc. (dollars in millions) 2004 2003
Inc./(Dec.) /(Dec.) Actual Adjusted * July $817.9 $863.4 (5.3)%
(5.5)% (5.0)% Second quarter 2,955.6 3,000.3 (1.5) (2.2) (1.6)
Year-to-date 5,918.5 5,872.9 0.8 (0.2) 0.4 * 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. Ladies' fashion
accessories continued to perform well, led by signature handbags,
small leathers, and sunglasses. Early Fall sales got off to a good
start, reflecting the resurgence in demand for career and dressier
looks in both ladies' and men's, as well as the importance of denim
and premium denim in all categories. Apparel clearance, however,
which is a key July sales driver, fell short of our expectations.
Although home d�cor product, luggage, and mattresses achieved sales
increases, the balance of home furnishings lagged behind overall
store performance. During July, May's Bridal Group opened two
David's Bridal stores in California and two After Hours Formalwear
stores in North Carolina and Tennessee. Year-to-date, the Bridal
Group opened 10 David's Bridal stores and seven After Hours stores.
An additional 20 David's Bridal stores and 13 After Hours stores
will open by year-end. One new department store opened in the first
half of 2004 -- a Hecht's store in Wilmington, N.C. Seven
additional department stores will open by year-end: two Foley's
stores in Houston and El Paso, Texas; a Filene's store in
Dartmouth, Mass.; a Hecht's store in Nashville, Tenn.; a Meier
& Frank store in Portland, Ore.; a Robinsons-May store in
Rancho Cucamonga, Calif.; and a store for The Jones Store in Kansas
City, Kan. May completed its acquisition of Marshall Field's
effective July 31, 2004. Beginning August 1, 2004, Marshall Field's
sales will be included in the company's reporting. The May
Department Stores Company currently operates 497 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 220 David's Bridal stores, 454 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 for The May Department Stores Company, +1-314-342-6494
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