St. Louis, MO, February 10--May Department Stores reported fourth-quarter earnings of $339 million, or $1.10 per share, off from the $425 million, or $1.38 per share, posted a year earlier.
Analysts were expecting $1.30 per share.
May reported sales that rose to $5.04 billion from $4.49 billion a year ago. But same-store were off 5.2 percent.
Excluding store-divestiture costs of $25 million, May said it earned $1.15 a share.
"While our 2004 results fell short of our expectations, we have implemented a number of strategic and tactical initiatives that are designed to increase our sales and earnings in the present year," said John Dunham, May's president and acting chairman and chief executive.
The company's earnings release -- the first since last month's abrupt departure of chairman and CEO Gene Kahn -- made no mention of lingering speculation of a possible buyout by rival Federated Department Stores Inc.
Analysts said 54-year-old Kahn also had been criticized by people within the company for micromanaging the business and not developing a clear vision for the company.
May said the integration of Marshall Field's remains on schedule, with the majority of merchandise and financial systems successfully converted.
For the year, May earned $524 million, or $1.70 per share on sales of $14.4 billion, compared with $434 million, or $1.41 per share, on $13.3 billion in revenue in 2003. Excluding store-divestiture costs, 2004 earnings were $555 million, or $1.80 per share.
