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Business Description
The May Department Stores Company operates six regional department store divisions in the United States. The department store divisions are Lord & Taylor; Filene's and Kaufmann's; Robinsons-May and Meier & Frank; Hecht's and Strawbridge's; Foley's, and Famous-Barr, L.S. Ayres and The Jones Store. As of January 31, 2004, May operated 444 department stores in 36 states and the District of Columbia. May National Bank of Ohio, an indirect subsidiary, extends credit to customers of May's six department store divisions. May Merchandising Company, an indirect subsidiary, works closely with its six department store divisions and merchandise vendors to communicate emerging fashion trends and to develop merchandise assortments. In addition to its department stores, May's Bridal Group operates 210 David's Bridal stores, 460 After Hours Formalwear stores and 10 Priscilla of Boston stores. In July 2004, the Company acquired the Marshall Field's department store group from Target Corporation.
Financial Information
For the 26 weeks ended 7/31/04, revenues increased 1% to $5.92 billion. Net income applicable to Common totaled $169 million vs. a loss of $46 million. Revenues reflect an increase in same-store sales. Net income also reflects a decrease in payroll and advertising expenses.
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