MAY DEPT STORES <MA> SEES RECORD FISCAL 1988
May Department Stores Co said it
expects record profits and sales in the fiscal 1988 and also
set a five-year 3.3 billion dlr capital expenditure plan.
    "Our sights are set on achieving our 13th consecutive year
of record sales and earnings," chairman David Farrell told the
annual meeting.
    In the year ended January 31, 1987, the company earned 381
mln dlrs or 2.44 dlrs a share on sales of 10.3 billion dlrs.
    Farrell also said he expects improved second-quarter
profits. "We believe second-quarter performance should show
improvement over 1986," he said. In the quarter ended August
30, 1986, the company earned 45.6 mln dlrs or 52 cts on sales
of 1.23 billion dlrs.
     The five-year capital expenditure program includes 1.9
billion dlrs to open a record 73 department stores, 52 discount
stores and about 1,200 specialty stores.
    About two-thirds of the department stores will be opened by
Lord and Taylor, May Co, and J.W. Robinson's in California,
Hecht's in Washington, D.C., and G. Fox in Connecticut.
    The remainder of the 3.3 billion dlrs will be used for
store relocations, closings and remodelings, Farrell said.
    Sales per square foot rose eight pct in 1986 to 134 dlrs,
president Thomas Hays said, noting that the company seeks
annual increases of 10 pct.
    Also at the annual meeting, shareholders voted to approve
indemnification of the company's officers and directors.
 Reuter
