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St. Louis, May Department Stores Co. posted net earnings of $339 million in the fourth quarter ended Jan. 29, down 20.2% from $425 million in the same quarter last year. Sales increased 12.1% to $5.04 billion. Same-store sales-decreased 5.2%.
The company said the integration of Marshall Field’s continues on schedule. The majority of merchandise and financial systems were converted successfully during the first week of February. The remaining system conversions primarily relate to store point of sale equipment. May acquired 62 Marshall Field’s department stores in eight states last year.