May Department Stores
, the No. 2 operator of department stores in the U.S., reported earnings that matched Wall Street's expectations despite a 1.6% drop in profits.
For the first quarter ended April 29, net earnings fell to $120 million, or 35 cents a diluted share, from $122 million, or 34 cents a share, a year earlier, matching the consensus estimate of analysts polled by
First Call/Thomson Financial
Net retail sales rose to $3.04 billion from $2.94 billion a year ago.
The St. Louis-based company's cost of sales rose 2.6%, to $2.14 billion from $2.09 billion a year ago. Selling, general and administrative expenses rose 1.4% year over year, to $638 million from $629 million.
May, which operates 422 department stores like
Lord & Taylor
, ranks second behind
Federated Department Stores
, which operates the
Shares of May were down 3/16, or 1%, at 28 3/16 in Monday morning trading. (May finished Monday regular trading up 3/8, or 1%, at 28 3/4.)