During the quarter the company recorded a $63 million in expenses related to its $13-billion merger with Cincinnati-based Federated Department Stores. Both companies' shareholders have approved the deal, and it is expected to close some time this quarter, pending an anti-trust review.
Net sales for the quarter rose 16.6%, to about $3.5 billion. For the previous six months, they shot up 15.1%, to $16.8 billion.
Company executives plan to open six department stores for the remainder of the year, three Foley's and one Hecht's, Kauffman's and Robinsons-May. The retailer's Bridal Group forecasts 14 David's Bridal stores and 11 After Hours stores by the end of the year. During its Q2, May opened one Kauffman's, two David's Bridals and three After Hours.
May's quarterly results came after last week's announcement by Federated executives that they plan to close 68 units from both companies after the merger and that the names of May's department stores (with the exception of Lord & Taylor and possibly Marshall Field's) will be changed to Macy's. May operates 487 department stores under the chains Famous-Barr, Filene's, Foley's, Hecht's, Kaufmann's, Lord & Taylor, L.S. Ayres, Marshall Field's, Meier & Frank, Robinsons-May, Strawbridge's, and the Jones Store. Its Bridal Group consists of 243 David's Bridal stores, 452 After Hours Formalwear stores, and 11 Priscilla of Boston units.
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