May Department Stores Co.
611 Olive St
St. Louis, Mo. 63101
www.maycompany.com Year founded: 1877 Industry: Retail Revenue: n/a Net Income/Loss: n/a Earnings per share: n/a Dividend: n/a Stockholder equity: n/a Auditor: n/a Stock: MAY Assets: n/a Market capitalization: n/a 52-week high: n/a 52-week low: n/a Chairman and CEO: Eugene S. Kahn President: John L. Dunham Employees: 110000 Local employees: 8000 Description: May, one of the largest U.S. department store chains, has 442 department stores in 46 states, Puerto Rico and the District of Columbia under the names Hecht's, Lord & Taylor, Famous-Barr, Filene's, Foley's, Kaufmann's, L.S. Ayres, Meier & Frank, Robinsons-May, Strawbridge's, and The Jones Store. The company also owns more than 600 David's Bridal, After Hours Formalwear and Priscilla of Boston stores. Developments: May Department Stores had a tumultuous year. In the second quarter of its fiscal year, ending Aug. 2, it swung to a $110 million loss. But it closed stores, sold new kinds of products and when the economy improved later in the year, so did May. By the fourth quarter ended Jan. 31, earnings had jumped to $425 million from $387 million the year before. Revenue was less impressive, up less than 3 percent to $4.49 billion. Still, May will take it. May announced in July it would close 34 stores, mostly Lord & Taylors, putting about 3,700 people out of work. That, the company announced, would save about $50 million annually. May opened 10 new department stores in 2003 and plans to open nine more in 2004. New merchandise accounted for a lot of new sales, including Apple iPods, DVD players and home decor merchandise. The new line of proprietary clothing aimed at attracting younger buyers that the chain launched in 2002 attracted new buyers last year, too, the company said. It hopes to grow proprietary merchandise to 20 percent of sales within five years. Finally, the company is banking on the booming wedding industry to boost sales. It bought several chains of tuxedo stores, with 225 outlets to go with the 30 new David's Bridal stores and the 10 After Hours locations it opened last year. The company plans to open 30 more David's Bridal outlets, 20 After Hours stores and two Priscilla of Boston locations in 2004.
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