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May Department Stores The May Department Stores Company, one of the leading department store retailers in the country, operates six divisions – Lord & Taylor, based in New York City; Filene’s/Kaufmann’s, based in Boston; Robinsons-May/ Meier & Frank, based in Los Angeles; Hecht’s/Strawbridge’s, based in Washington, D.C.; Foley’s, based in Houston; and Famous-Barr/L.S. Ayres/ The Jones Store, based in St. Louis. These 11 trade names are widely recognized as retail landmarks in the communities they serve. May’s 445 department stores serve approximately 163 million people throughout 37 states and the District of Columbia. In addition, May operates a Bridal Group that includes some of the highest-profile nameplates in the wedding industry: David’s Bridal, the country’s largest retailer of bridal-related apparel; After Hours Formalwear, the largest tuxedo sales and rental company in the nation; and Priscilla of Boston, one of the most respected and upscale bridal gown retailers in the United States. May’s alliance with the online wedding planning resource, The Knot, further contributes to the growth of our department stores’ bridal registry service. Net sales in fiscal 2002 were $13.5 billion, and earnings per share, excluding division combination costs, were $2.00. Our operating cash flow was $1.5 billion, one of the strongest in the retail industry, which enables May to make acquisitions, build new stores, and remodel and expand existing stores. In 2002, we added 1.7 million square feet of retail space with the opening of 11 new department stores: three Lord & Taylor stores, two Foley’s stores, two Hecht’s stores, and one store each for Filene’s, Kaufmann’s, Robinsons-May, and The Jones Store. Three of these new stores – Filene’s in Leominster, Mass., Hecht’s in Greensboro, N.C., and Robinsons-May in Irvine, Calif. – represent a new store format featuring a contemporary design, with flexible merchandise presentations, an easy-to-shop format, and express checkout. At 140,000 square feet, this new format will enable us to locate stores in smaller, mixed-use “lifestyle” projects. We also remodeled 32 existing department stores totaling 2.7 million square feet of retail space. Also in 2002, May opened 30 new David’s Bridal stores. In 2003, we plan to open 11 new department stores: three Foley’s stores, three Kaufmann’s stores, and one store each for Famous-Barr, Filene’s, Hecht’s, Lord & Taylor, and Meier & Frank. (See page 5 for a list of 2003 department store openings.) The new Famous-Barr and Meier & Frank locations – and one of the Kaufmann’s locations – will be the new lifestyle-design stores. We also have plans to remodel or expand 2.9 million square feet of retail space in 26 existing department stores. In addition, we plan to open 30 David’s Bridal stores, 15 After Hours stores, and two Priscilla of Boston stores in 2003. May’s board of directors authorized the company’s 28th consecutive increase in the annual dividend rate, representing 91 years of uninterrupted dividends. The rate is now 96 cents per share and was first payable March 15, 2003. MayDepartmentStores.com (Opens New Window) Source: May Department Stores
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