Shares of

May Department Stores

(MAY)

slipped Monday after the company posted a lower third-quarter profit.

Recently, shares were down 48 cents, to $22 on the

New York Stock Exchange

.

Including certain items, the company earned $16 million, or 5 cents a share, in the third quarter, compared with $52 million, or 16 cents a share, a year ago.

Excluding early debt redemption costs, the company earned 9 cents a share, compared with 17 cents a share in the year-ago period. Analysts were also expecting the company to earn 9 cents a share on that basis.

Revenue was $3.05 million, compared with $3.18 million in the comparable quarter. Same-store sales decreased 7.3%.

St. Louis-based May owns Lord & Taylor, Filene's and Hecht's, among other store chains.