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Down the May Pole

Earnings fall 17.7 percent in 2Q for department store retailer

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The May Department Stores Co. (St. Louis) announced that net earnings tumbled 17.7 percent in the fiscal second quarter ending Aug. 4, 2001, though sales increased 1.6 percent. Same-store sales decreased 3.1 percent for the quarter.

For the six months ended Aug. 4, 2001, net earnings dropped 13.7 percent, though sales increased 2.6 percent. Same-store sales fell 2.1 percent.

Year-to-date, May has opened 11 of the 22 new department stores it planned to build in 2001: a Lord & Taylor store in Dallas; six Hecht's stores (five in Nashville and one in Bowie, Md.); and four Foley's stores (one in Dallas, two in Baton Rouge, La., and one in Lafayette, La.). The stores remaining to open this year include four Lord & Taylor stores, three Foley's stores, and one store each for Hecht's, Robinsons-May, Kaufmann's and Famous-Barr. David's Bridal has opened 15 stores year-to-date and will open an additional 13 stores by year-end. At the end of the second quarter, the company was operating 432 department stores and 137 David's Bridal stores in 43 states, the District of Columbia and Puerto Rico.

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