Profits Plummet at May Stores

Hogsett, Don
February 2005
Home Textiles Today;2/14/2005, Vol. 26 Issue 23, p16
Trade Publication
The article reports that May Department Stores Co.'s, which was hurt by a punishing trifecta of weakening same-store sales, eroding margins and higher costs, and further nicked by store closing costs, fourth quarter profits tumbled 16.8 percent, falling to $626 million from $752 million last year. Helped by the earlier acquisition of the Marshall Field's department store chain from Target Corp., overall sales advanced at a double-digit pace, rising 12.1 percent, to $5 billion from $4.5 billion last year. But the crucial gauge of same-store sales fell 5.2 percent. All of the damage to the bottom line was done by the core May Department Stores business, and the retailer said the new Marshall Field's business performed well, contributing 5 cents a share to total company earnings of $1.10 per share, even alter start-up and integration costs tied to the acquisition.


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