St. Louis, August 11--May Department Stores posted higher second quarter profit, helped by cost savings and sales of items like handbags and jewelry.
The company said it had "a good start" in its early fall selling on strong demand for apparel and denim.
But May also noted that overall second-quarter sales did not meet its expectations, and it blamed weaker demand for casual sandals, shorts, seasonal apparel and home furnishings.
The company earned $110 million, or 36 cents per share, excluding restructuring costs, in its second quarter ended July 31. This compared with $92 million, or 30 cents per share, a year earlier. Net sales fell 1.5 percent to $2.96 billion from $3.00 billion.
Analysts, on average, had been expecting May to earn 35 cents per share, according to Reuters Estimates.
On a net basis, the retailer earned $101 million, or 33 cents, including restructuring costs of 3 cents a share, compared with a net loss of $110 million, or 39 cents a share, in the year-ago period.
Same-store sales, fell 2.2 percent for the quarter.
Excluding the remaining 15 stores which it previously said it would divest, same-store sales fell 1.6 percent.
May closed its acquisition of Marshall Field's in July. It now runs 62 department stores under the Marshall Field's name.
