TITLE

Cost-cutting props up May earnings in Q3

AUTHOR(S)
Hogsett, Don
PUB. DATE
November 2003
SOURCE
Home Textiles Today;11/17/2003, Vol. 25 Issue 12, p18
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Third-quarter profits for year 2003 at May Department Stores Co. increased by 193.8 percent, to $47 million from $16 million in 2002. The company's sales slipped by just 0.5 percent, to $2.98 billion from $2.99 billion in ht previous year while same-store sales declined by 2.4 percent. The company reduced its operating costs by 4.8 percent, to $658 million from $691 million, generating a cash savings of $35 million. The company also reduced its interest expense by 18.8 percent, to $78 million from $96 million, saving another $18 million. It likewise decreased its inventories by 2.9 percent, to $3.5 billion from $3.6 billion, while holding sales relatively steady.
ACCESSION #
11452393

 

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