May Company April Comps Decrease 5.6%

The May Department Stores Company reported preliminary net sales of $967.4 million for the four-week period ended May 3, 2003, a 3.8% decrease from $1.01 billion in the similar period last year. Store-for-store sales decreased 5.6%.

Net sales for the first quarter of fiscal 2003 were $2.87 billion, a 7.2% decrease compared with $3.10 billion during the first quarter of fiscal 2002.

Earnings per share, before income tax credits related to the resolution of various federal and state tax issues, will be lower than the current First Call consensus due to weaker-than-anticipated first-quarter sales. May will report its first quarter earnings May 13, 2003.

Net sales were as follows:

                                Fiscal     Fiscal    Percent  Store-for-Store
     (dollars in millions)        2003       2002   Decrease         Decrease
     April                      $967.4   $1,006.0     (3.8)%           (5.6)%
     First Quarter             2,872.6    3,096.2     (7.2)            (8.8)

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.