May Department Stores Reports Record Earnings
May Department Stores Co. reported record revenue and earnings for fiscal 1984.
Net earnings for the 53 weeks ended Feb. 2 were $214.1 million, a 14% increase over the $187 million in earnings for 1983, company officials said. Revenue for 1984 rose 13.7% to $4.7 billion from $4.2 billion last year.
May directors on Wednesday approved a 16-cent increase in the yearly dividend rate for common stock to $1.88 a share.
May President David C. Farrell said each of the company’s retail segments showed substantial improvement in 1984, adding: “The fourth quarter, even though in competition with a very strong 1983, produced a record-setting result of $1.6 billion in sales and net earnings of $110 million.”
May Department Stores operates 145 department stores, 59 discount stores and 1,680 self-service shoe stores.
For detailed data and results of other companies, please see tables, Page 15.
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