May Company Reports 3.9% May Comp Sales Decline

The May Department Stores Company reported preliminary net sales of $1.01 billion for the four-week period ended May 31, 2003, a 2.0% decrease from $1.03 billion in the similar period last year. Store-for-store sales decreased 3.9%.

Net sales for the first four months of fiscal 2003 were $3.88 billion, a 5.9% decrease compared with $4.12 billion in the similar period last year.

Net sales were as follows:

                             Fiscal     Fiscal      Percent    Store-for-Store
     (dollars in millions)    2003       2002      Decrease       Decrease
     May                   $1,005.0    $1,025.4       (2.0)%         (3.9)%
     Year-to-date           3,877.6     4,121.5       (5.9)          (7.6)

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.

May opened two Kaufmann’s stores in Columbus, Ohio, during May. In addition, May opened a David’s Bridal store in Florida and two After Hours Formalwear stores in New York and Indiana.