During the second quarter, May completed the repayment of all short-term borrowings incurred to fund the acquisition of Marshall Field's in July 2004 and has $323 million of cash and cash equivalents as of July 30, 2005.
Net sales for the 2005 second quarter were $3.45 billion, an increase of 16.6 percent, compared with $2.96 billion in the 2004 second quarter. Store-for-store sales decreased 1.6 percent for the quarter.
For the six months ended July 30, 2005, earnings per share were 29 cents, compared with 57 cents per share in 2004. Net earnings were $93 million, compared with $177 million a year ago.
Earnings for the first half of 2005 include store divestiture costs of $1 million, Marshall Field's start-up integration costs of $27 million, or 6 cents per share, Federated merger-related expenses of $67 million, or 14 cents per share, and the benefit of $32 million, or 10 cents per share, of income tax provision reductions. Results for the first half of 2004 include store divestiture costs of $22 million, or 5 cents per share.
Net sales for the first six months of 2005 were $6.81 billion, an increase of 15.1 percent, compared with $5.92 billion in the similar 2004 period. Store-for-store sales decreased 3.4 percent for the first half of fiscal 2005.
During the second quarter, May opened a new Kaufmann's store in Pittsburgh, Pa. The Bridal Group also opened two David's Bridal stores and three After Hours Formalwear stores during the quarter.
marketing@alchempro.com
