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May Department Stores

BUSINESS
January 15, 2005 | From Reuters
May Department Stores Co. said Friday that Chairman and Chief Executive Gene Kahn had resigned, a step analysts said would help bring in new blood to revive the retailer's sales. The St. Louis-based owner of Robinsons-May said it would immediately begin searching for a successor, triggering a 4% jump in its share price. Its statement did not say why Kahn was leaving, but said John Dunham would become acting chairman and CEO, in addition to his current role as president.
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BUSINESS
November 10, 2004 | From Bloomberg News
May Department Stores Co., the owner of Robinsons-May, said fiscal third-quarter profit plunged 83% because of costs related to the company's purchase of the 62-store Marshall Field's chain. Net income fell to $8 million, or 2 cents a share, from $47 million, or 15 cents, a year earlier. Sales in the three months ended Oct. 30 rose 17% to $3.48 billion, helped by the acquisition of Marshall Field's in July, St. Louis-based May said. Shares of May fell 16 cents to $26.
BUSINESS
September 29, 2004 | From Bloomberg News
Hewlett-Packard Co. and computer-services company BearingPoint Inc. said they would work together to help retailers use radio frequency identification technology to manage inventory and study buying patterns. The system uses electronic tags to track merchandise and is similar to electronic toll passes. Palo Alto-based Hewlett-Packard will provide computers and BearingPoint will offer consulting. Shares of Hewlett-Packard fell 16 cents to $18.24 Shares of McLean, Va.
BUSINESS
August 11, 2004 | From Associated Press
May Department Stores Co., owner of Robinsons-May, saw its second-quarter results swing into a profit from a year earlier, though sales fell short of expectations. The St. Louis-based company said Tuesday that it earned $101 million, or 33 cents a share, in the three months ended July 31. That contrasts with a loss of $110 million, or 39 cents, a year earlier.
BUSINESS
June 10, 2004 | From Reuters
May Department Stores Co. said Wednesday that it agreed to acquire Target Corp.'s Marshall Field's department stores for about $3.24 billion in cash. The deal would help May expand its distribution network, gain more leverage in negotiating with vendors and add bulk to better compete against rival Federated Department Stores Inc., analysts said.
BUSINESS
May 12, 2004 | From Bloomberg News
May Department Stores Co., the owner of Robinsons-May, said the parent company's fiscal first-quarter profit rose 5.6%, its smallest gain in three quarters. Net income increased in the quarter ended May 1 to $76 million, or 24 cents a share, from $72 million, or 23 cents, a year earlier. Sales climbed 3.1% to $2.96 billion. Sales at stores open at least a year, a key measure of retail health, rose 1.7% in the quarter, the St. Louis-based company said. Same-store sales fell 8.
BUSINESS
November 12, 2003 | From Associated Press
Amid growing optimism that the holiday season will be cheerier than a year ago, two major retailers, J.C. Penney Co. and May Department Stores Co., reported third-quarter profit that beat Wall Street projections. Merrill Lynch projected a rosier view of the shopping period before Christmas, upgrading nine major retail companies Tuesday, including department stores and mall-based apparel chains, to a "buy" rating, citing potential earnings surprises and improving sales.
BUSINESS
August 13, 2003 | From Reuters
J.C. Penney Co. and other U.S. retailers Tuesday posted fiscal second-quarter results largely in line with lowered expectations after uncooperative weather and waning consumer confidence dented demand. However, some retailers predicted stronger sales in the coming months, saying the U.S. economy was showing signs of recovery and recent tax rebates should provide a much-needed boost during the back-to-school shopping season. J.C.
BUSINESS
July 31, 2003 | From Bloomberg News
May Department Stores Co., the fourth-largest U.S. department-store company, will close 32 of its Lord & Taylor locations -- more than a third -- and fire about 3,700 people to focus on its more profitable stores. The company also will close a Famous-Barr store in Des Moines and a Jones Store in Omaha. The company said it would have pretax costs of about $380 million, including about $320 million, or 70 cents, in the second quarter, St. Louis-based May said.
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