St. Louis-base May Department Stores Co. reported...

St. Louis-base May Department Stores Co. reported record profit, up 11%, and record sales, up 10% for the 1986 year. The firm said it was the 12th consecutive year of record sales and earnings. Earnings for both 1986 and 1985 reflect a charge of 1 cent per share resulting from the use of the LIFO method of inventory valuation. The company’s expansion schedule is on-track, and it is investing more than $600 million this year to open 11 department stores, eight discount stores and more than 240 specialty stores, a spokesman said.