May Department Stores’ Profit Falls 17%

May Department Stores Co., owner of the Lord & Taylor and Hecht’s chains, said fiscal fourth-quarter profit fell 17% as sales dropped and it cut prices to clear out merchandise during the holiday season.

Profit fell to $431 million, or $1.36 a share, as sales in the quarter ended Feb. 2 fell 4% to $4.73 billion. Earnings met the average estimate of analysts polled by Thomson Financial/First Call.

Shares of St. Louis-based May fell 26 cents to $35.44 on the New York Stock Exchange.