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May Stores 2Q sets records
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August 9, 1999: 10:36 a.m. ET
Department store operator posts 17% jump in net profit; sales up 9%
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NEW YORK (CNNfn) - May Department Stores Co. posted a 17 percent jump in net income for the second quarter Monday, beating analysts' expectations.
May, the operator of Lord & Taylor, Filene's and other department stores, earned a record $154 million, or 43 cents per diluted share, on a net basis for the quarter ended July 31. That's up from $131 million, or 35 cents per share, in the year-ago period.
Analysts polled by earnings tracker First Call had forecast per-share earnings of 41 cents for the latest quarter.
Sales for the three months rose 9 percent to a record $3.07 billion. Same-store sales, or sales at stores open at least one year -- a key sales gauge for retailers -- increased 5 percent. The company said sales were hurt slightly by the discontinuation of its consumer electronics business at the beginning of fiscal 1999.
For the first six months of the year, net income totaled $276 million, or 77 cents per diluted share, up from $241 million, or 64 cents a share, in the first half of 1998. Sales rose 8.6 percent to $6.01 billion.
Shares of St. Louis-based May (MAY) rose 1/8 to 39-1/16 in early trading Monday. 
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May Co.
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