May Department Stores’ Profit Up 6%

May Department Stores Co. said profit rose 6% in its fiscal third quarter to $138 million, or 38 cents a share, in line with estimates, as the company kept costs in check. Sales grew 5% to $3.17 billion at the company, which operates Robinsons-May, Lord & Taylor, Hecht’s and other retail chains. Sales at stores open at least a year rose 1%. May is the first major retailer to report results for the fiscal quarter, to be followed by Wal-Mart Stores Inc. tomorrow and Gap Inc. on Thursday. Strong consumer confidence and the lowest unemployment rates in 29 years have bolstered spending at U.S. retailers this year. St. Louis-based May fell 56 cents to close at $32.88 on the NYSE.