The May Department Stores Company Reports Sales for September
October 07 2004 - 8:38AM
PR Newswire (US)
The May Department Stores Company Reports Sales for September ST.
LOUIS, Oct. 7 /PRNewswire-FirstCall/ -- The May Department Stores
Company (NYSE:MAY) reported preliminary net sales of $1.34 billion
for the five-week period ended Oct. 2, 2004, an 18.0% increase from
$1.14 billion in the similar period last year. Store-for-store
sales decreased 1.5%. September store-for-store sales decreased
1.3%, excluding the remaining 15 stores that May previously
announced it will divest. September sales benefited by the movement
of the pre-Labor Day sales promotion event to the first week of
fiscal September 2004 from the last week of fiscal August 2003.
Combined August and September store-for-store sales decreased 3.4%,
excluding the 15 stores that May previously announced it will
divest. Net sales for the first eight months of fiscal 2004 were
$8.31 billion, a 4.4% increase, compared with $7.96 billion during
the first eight months of fiscal 2003. Net sales were as follows:
Fiscal Fiscal Percent Store-for-Store Decrease (dollars in
millions) 2004 2003 Increase Actual Adjusted* September $1,339.2
$1,135.0 18.0% (1.5)% (1.3)% August/September 2,393.1 2,088.8 14.6
(3.9) (3.4) Year-to-date 8,311.7 7,961.7 4.4 (1.2) (0.6) * 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. September
sales overall did not meet our expectations. Sportswear for the
young-adult female customer, however, performed well, led by
fashion looks in jackets, skirts, and tops. Trend-right newness
also continued to fuel ladies' accessories which had sales
increases in costume jewelry, better handbags, small leather goods,
and layering pieces driven by ponchos and genuine fur/faux fur
items. Sales of ladies' suits, junior sportswear, and young men's
sportswear were above the trend for the total store, as were men's
designer dress shirts, neckwear, and suit separates. Shoes,
dresses, children's apparel, and men's sportswear lagged the
store's performance. Electronic giftables and luggage were
stronger-performing categories in the home, but home furnishings
sales were generally weak. May's Bridal Group opened three David's
Bridal stores in September for a total of 13 new stores to date
this year. The Bridal Group also opened three After Hours
Formalwear stores for a total of 11 year-to-date. An additional 17
David's Bridal stores and nine After Hours stores will open by
year-end. 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 223 David's Bridal stores, 457
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 for The May Department Stores
Company, +1-314-342-6494
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