The May Department Stores Company reported preliminary net sales of $1.09 billion for the four-week period ended Oct. 30, 2004, a 22.9% increase from $887.3 million in the similar period last year. Store-for-store sales decreased 2.3%. October store-for-store sales decreased 2.2%, excluding the remaining 15 stores that May previously announced it will divest.
For the third quarter of fiscal 2004, net sales were $3.48 billion, a
17.0% increase compared with $2.98 billion during the third quarter of fiscal
2003.
Net sales for the first nine months of fiscal 2004 were $9.40 billion, a
6.2% increase, compared with $8.85 billion during the first nine months of
fiscal 2003.
Net sales were as follows:
(dollars in millions) Store-for-Store Decrease
Fiscal Fiscal Percent
2004 2003 Increase Actual Adjusted *
October $1,090.3 $887.3 22.9% (2.3)% (2.2)%
Third quarter 3,483.4 2,976.1 17.0 (3.4) (3.0)
Year-to-date 9,402.0 8,849.0 6.2 (1.3) (0.8)
* Excludes the remaining 15 stores that May previously announced it will
divest.
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.
Despite the fact that some of our merchandise categories met or exceeded
plan, our overall sales did not achieve the expected levels. In particular,
dresses, coats, and intimate apparel were among the weaker performers. Home
furnishings remained difficult.
Sportswear appealing to the young-adult female customer and ladies' suits
continued to experience sales increases, as did ladies' accessories led by
jewelry, better handbags, ponchos, and other fashion-right layering pieces.
In men's apparel, designer dress shirts, neckwear, suit separates, and
collections sportswear with a modern twist also had increases. Sales of
junior sportswear and young men's sportswear were above the trend for the
total store.
During October, May opened four department stores
