THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Tuesday, August 9, 1994 TAG: 9408090445
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: By STEPHANIE STOUGHTON, STAFF WRITER
LENGTH: Short : 40 lines
May Department Stores Co., the parent of Hecht's, said Monday it had record earnings for the second quarter of 1994, largely due to a corporate restructuring.
The St. Louis-based company said its profits increased 11 percent to $130 million, or 49 cents per share, in the quarter that ended July 30. That compares to earnings of $117 million, or 44 cents per share, in the same period in 1993.
``It's the same story as last quarter,'' said Rhonda West, a company spokeswoman. ``We're responding faster.''
Last year, the company streamlined, turning its 12 divisions into seven and shutting down several of its Robinson and May Co. stores. May operated 302 department stores and 3,869 Payless ShoeSource stores as of January.
May began a $4.6 billion expansion this year that will last until 1998, West said. The company will open 110 department stores, 1,200 Payless ShoeSource stores and 1,000 Payless Kid stores, she said.
Hecht's, which has four department stores in the Hampton Roads area, plans to build a fifth at Patrick Henry Mall in Newport News. Officials weren't sure when the 140,000-square-foot Hecht's will open.
For the second quarter, May said its sales rose 6.5 percent to $2.62 billion this year from $2.46 billion in 1993, while sales at stores open at least a year climbed 3.1 percent during the same period.
For the first six months of the year, May Department Stores reported earnings of $242 million, up from $213 million for the same period in 1993. Sales increased to $5.2 billion in the first half of 1994 from $4.7 billion last year. by CNB