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Retailing

August 13, 1996|Times Staff and Wire Reports

May Stores' Profit Rises: May Department Stores Co. said its fiscal second-quarter earnings rose 2.8%, excluding the results of its spun-off Payless ShoeSource Inc. business. The St. Louis-based operator of the Robinsons-May, Hecht's and Lord & Taylor department stores said net income rose to $110 million, or 42 cents a share, compared with net income from continuing operations of $107 million, or 41 cents. Wall Street expected the company to earn 44 cents a share. The year-earlier quarter included profit from discontinued operations of $34 million, or 13 cents a share, resulting in net income of $141 million, or 54 cents a share. Profit from the discontinued Payless operations, which operated for the fiscal first quarter only, was $11 million, or 5 cents a share, resulting in net income of $219 million, or 84 cents.

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