AMES DEPARTMENT STORES, INC. Exhibit 20-B MAY RESULTS VS. PLAN Page 2 of 2 MANAGEMENT FORMAT (Unaudited) (In Millions) Fiscal 1995 May 1994 Year-to-Date Actual Plan* Actual Plan* CASH FLOW SUMMARY: Beg. Unrestricted Cash & Cash Equiv. $24.4 $27.9 $16.5 $26.9 Cash Generated from (Used in) Operations: Net Income (Loss) 1.1 1.7 (14.1) (14.0) Non-Cash Income Tax Expense (Benefit) 0.5 0.8 (6.0) (6.0) Other (0.6) 0.4 1.3 2.4 ------------------------------------ Cash from Operations 1.0 2.9 (18.8) (17.6) Changes in Working Capital: FIFO Inventory (increase) decrease 1.3 3.9 (63.6) (59.9) Trade Payables increase (decrease) (8.6) 7.2 27.6 2.5 All Other (5.4) (2.7) (8.4) (1.0) ------------------------------------ Net Changes in Working Capital (12.7) 8.4 (44.4) (58.4) Capital Expenditures (0.7) (3.6) (2.9) (9.7) (Incr) Decr. in Rest. Cash & Cash Equiv. 1.3 (1.5) 0.7 (11.0) Other: Short-Term Borrow. (Pymts) - Revolver 19.8 0.0 92.9 115.0 Payments of Capital Leases (0.3) (0.3) (1.2) (1.2) Payments on Long-Term Debt (0.4) (0.5) (9.6) (9.4) Increase in Deferred Financing Costs (0.2) (0.3) (1.0) (1.6) ------------------------------------ Total Other 18.9 (1.1) 81.1 102.8 ------------------------------------ Unrestricted Cash Increase (Decrease) 7.8 5.1 15.7 6.1 ------------------------------------ Ending Unrestricted Cash & Cash Equiv. $32.2 $33.0 $32.2 $33.0 ==================================== <FN> * As reported on Form 8-K dated May 27, 1994. Page 8 of 8