May Department Stores’ Profit Falls 9.2%
- Share via
May Department Stores Co., the owner of Lord & Taylor and Hecht’s, said fiscal first-quarter profit fell 9.2% because of sluggish sales at department stores and higher expenses at the David’s Bridal chain.
Net income dropped to $109 million, or 34 cents a share, from $120 million, or 35 cents, a year ago, the company said. Sales in the period ended May 5 rose 3.7% to $3.13 billion.
Profit was hurt by advertising and operating costs at David’s Bridal and by a 1.1% drop in sales at department stores open at least a year.
Shares of May fell 6 cents to $36.02 on the NYSE.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
