May Co. Profit Falls 18% in Second Quarter
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May Department Stores Co.’s fiscal second-quarter profit fell 18% to $111 million, or 35 cents a share, because of sluggish sales and higher costs. The results matched the average estimate of analysts polled by Thomson Financial/First Call.
May, the first major retailer to report results in the fiscal quarter, said revenue was up just 1.6% to $3.17 billion and sales at stores open at least a year fell 3.1%.
May and other department stores have been hurt as consumers, seeking lower prices, are shopping at discount chains to weather the slowing economy, analysts have said.
Shares of St. Louis-based May fell 19 cents to $32.65 on the NYSE.
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