The May Department Stores Company reported preliminary net sales of $846 million for the four-week period ended March 1, 2003, a 7.5% decrease from $914 million in the similar four-week period last year. Store-for-store sales decreased 8.9%.
Consumer spending continues to be weak. Additionally, stores in the Northeast and Mid-Atlantic regions were adversely affected by the winter storms.
Net sales were as follows:
Fiscal Fiscal Percent Store-for-Store
(dollars in millions) 2003 2002 Decrease Decrease
February $ 846.0 $ 914.3 (7.5)% (8.9)%
Net sales include sales from all stores operating during the periods 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.
In fiscal 2003, May plans to open 11 new department stores, including three Foley’s, three Kaufmann’s, and one store each for Famous-Barr, Filene’s, Hecht’s, Lord & Taylor, and Meier & Frank. The new Famous-Barr, Filene’s and Meier & Frank locations — and one of the Kaufmann’s locations — will be new-concept “lifestyle” stores featuring contemporary design, flexible merchandise presentations, an easy-to-shop format and express checkout. Also during fiscal 2003, May plans to open 30 David’s Bridal stores.
