November 12, 2003 |
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.
August 13, 2003 |
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.
July 31, 2003 |
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.
June 26, 2003 |
May Department Stores Co. said it laid off about 1,500 workers in sales management and support positions, or 1.3% of its overall workforce. The St. Louis-based company said last month that first-quarter profit rose $2 million, but sales declined 7.2% May runs 447 department stores, including Lord & Taylor and Filene's. A few positions are expected to be trimmed at many of the stores, but the cuts will not affect the number of sales associates. May shares rose 12 cents to $22.60 on the NYSE.
February 14, 2003 |
May Department Stores Co. said fourth-quarter profit dropped 10% after the retailer reduced clothing prices to keep holiday shoppers from going to discounters. Net income declined to $387 million, or $1.26 a share, from $431 million, or $1.36. Sales fell 4.4% to $4.37 billion. Shares of St. Louis-based May rose 9 cents to $19.15 on the NYSE.
November 12, 2002 |
May Department Stores Co. said profit fell 69%, the seventh straight quarterly decline, due to costs from combining divisions and a drop in sales. Third-quarter net income slumped to $16 million, or 5 cents a share, from $52 million, or 16 cents, in the year-earlier period. Sales in the three months ended Nov. 2 fell 4.1% to $3.05 billion, the St. Louis company said. Sales at stores open at least a year fell 7.3%.
August 13, 2002 |
May Department Stores Co., the owner of Lord & Taylor and Filene's stores, said profit fell 38%, the sixth straight quarterly decline, because of costs of combing four chains into two divisions. Its fiscal second-quarter net income dropped to $69 million, or 22 cents a share, from $111 million, or 35 cents, a year earlier. Sales in the three months ended Aug. 3 declined 1.7% to $3.1 billion, the company said.
May 14, 2002 |
May Department Stores Co. reported a 36% drop in quarterly earnings because of charges for combining some operations. May, which operates 436 department stores, said net income for its fiscal first quarter ended May 4 fell to $70 million, or 23 cents a diluted share, from $109million, or 34 cents, a year earlier.
March 12, 2002 |
The biggest department store companies, among retailing's worst performers in the last year, might be hoping to consolidate their way out of trouble. But analysts and others say a flurry of deals is unlikely. And, they add, merging alone is not the answer to more successfully competing with discount chains such as Wal-Mart Stores Inc., Kohl's Corp. and Target Corp.