May Department Stores Profit Declines
From Bloomberg News
May Department Stores Co. said fourth-quarter profit dropped 10% after the retailer reduced clothing prices to keep holiday shoppers from going to discounters.
Net income declined to $387 million, or $1.26 a share, from $431 million, or $1.36. Sales fell 4.4% to $4.37 billion.
Shares of St. Louis-based May rose 9 cents to $19.15 on the NYSE.
