May Stores’ Quarterly Profit Falls Slightly

May Department Stores Co. said fiscal first-quarter profit fell 1.6% to $120 million, or 35 cents a share, as it marked down prices to move women’s clothing. May, which operates Robinsons-May, Lord & Taylor, Hecht’s and other chains, is the first major U.S. retailer to report earnings for the latest quarter. Wal-Mart Stores Inc. is expected to report today. May said revenue, which includes credit-card finance charges, rose 2% to $3.05 billion, while retail sales rose 3.5% to $3.04 billion. Sales at stores open at least a year were flat. The earnings matched analyst estimates. Shares of May closed up 38 cents at $28.75 on the NYSE.