May Department Stores reported preliminary net sales of $1.39 billion for the four-week period ended Nov. 27, 2004, a 10.0% increase from $1.26 billion in the similar period last year. Store-for-store sales decreased 7.9%. November store-for-store sales decreased 7.7%, excluding the remaining 14 stores that May previously announced it will divest.
Net sales for the first 10 months of fiscal 2004 were $10.79 billion, a 6.7% increase, compared with $10.11 billion during the first 10 months of fiscal 2003.
Net sales were as follows:
(dollars Fiscal Fiscal Percent Store-for-Store Decrease
in millions) 2004 2003 Increase Actual Adjusted*
November $ 1,386.9 $ 1,260.8 10.0% (7.9)% (7.7)%
Year-to-date 10,788.9 10,109.8 6.7 (2.1) (1.6)
* Excludes the remaining 14 stores that May previously announced it will
divest.
November sales overall were not in line with our expectations. Dresses, ladies moderate classic sportswear, men’s sportswear basics, and coats and outerwear as well as other cold-weather categories throughout the store were among the weaker performers. The home furnishings business generally remained difficult.
Sportswear appealing to a young-adult female customer and ladies suits experienced sales increases, as did men’s dress shirts, suit separates, and sportswear collections with modern styling. From brooches and diamond/CZ looks in jewelry to signature handbags, must-have items continued to perform well in fashion accessories as did luggage and tech gifts. Ladies shoes, junior sportswear, and young men’s apparel were also above the store trend.
