Exhibit 99.1
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MAY
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MAY
The May Department Stores Company
Lord & Taylor
Famous Barr
Filene's
Foley's
Hecht's
Kaufmann's
LS Ayres
Marshall Field's
Meier & Frank
Robinsons May
Strawbridges
The Jones Store
David's Bridal
After Hours Formalwear
Priscilla of Boston
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MARSHALL FIELD'S
Acquisition
[Merchandise Photo]
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MARSHALL FIELD'S
62 Stores
[Map]
Department Stores
May - 438
Marshall Field's - 62
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STRATEGIC RATIONALE
- - Chicago, Minneapolis and Detroit
- - 2003 revenues: $2.6 billion
- - 2003 EBIT: $107 million
- - Expense and merchandise synergies
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FINANCIAL PERFORMANCE
2003
ROE 15.8%
Sales $13.3 Billion
EPS* $1.98
Cash Flow $ 1.7 Billion
* before restructuring expenses and tax credit
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CAPITAL STRUCTURE
- - $3.2 billion cash purchase
- - Long-term debt: $2.2 billion
- - Short-term debt and cash: $1 billion
- - Impact on debt/capital
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STRONG CASH FLOW
- - Investing $600 million
- - Reducing debt
- - Dividends
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DIVIDENDS
- - 97 cents per share
- - Increased for 29 years
- - Uninterrupted for 93 years
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GROWTH
- - Department stores
- - Bridal Group
- - Other opportunities
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INITIATIVES
- - Differentiated merchandise
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NEWNESS AND FASHION
Genuine and Faux Fur
[Merchandise Photo]
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NEWNESS AND FASHION
Ponchos and Argyles
[Merchandise Photo]
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PROPRIETARY BRANDS
Karen Scott
i.e.
All Mine
Exceed
Q & A
Marsh Landing
John Ashford
Erika Taylor Intimates
Brandini
Amanda Smith
Valerie Stevens
Christie Brooks
Just Friends
Ideology
Sun Covers
Pacer by Karen Scott
Emerge
Moonbeams
Lord & Taylor
Grant Thomas
Metropolitan by Lord & Taylor
Context
Angel Fish
Global I.D.
Spotted Frog
Identity by Lord & Taylor
Kate Hill
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PROPRIETARY BRANDS
Ideology
[Merchandise Photo]
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PROPRIETARY BRANDS
i.e. and i.e. relaxed
[Merchandise Photo]
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PROPRIETARY BRANDS
Valerie Stevens Cashmere
[Merchandise Photo]
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PROPRIETARY BRANDS
Brandini
[Merchandise Photo]
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PROPRIETARY BRANDS
Hotel Suite
[Merchandise Photo]
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PROPRIETARY BRANDS
House Beautiful
[Merchandise Photo]
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TRAFFICE GENERATORS
Tech Gift Centers
[Merchandise Photo]
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Giftables
[Merchandise Photo]
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INITIATIVES
- - Differentiated merchandise
- - Grow better segments
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GROW BETTER SEGMENTS
Michael by Michael Kors
[Merchandise Photo]
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GROW BETTER SEGMENTS
Lauren Ralph Lauren
[Merchandise Photo]
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GROW BETTER SEGMENTS
Calvin Klein and Jones Signature
[Merchandise Photo]
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GROW BETTER SEGMENTS
Calvin Klein and Michael Kors
[Merchandise Photo]
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INITIATIVES
- - Differentiated merchandise
- - Grow better segments
- - Grow younger businesses
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GROW YOUNGER BUSINESSES
- - 19-30 year olds
- - 31-44 year olds
[Merchandise Photo]
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GROW YOUNGER BUSINESSES
Proprietary Brands
- - Ideology
- - i.e.
- - Brandini
[Merchandise Photo]
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GROW YOUNGER BUSINESSES
Bridal Group
[Merchandise Photo]
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IMAGINATION!
- - Casual
- - Tailored
[Graphic: Floor Layout]
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IMAGINATION!
[Occasion Merchandising Photo]
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IMAGINATION!
[Occasion Merchandising Photo]
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INITIATIVES
- - Differentiate merchandise
- - Grow better segments
- - Grow younger businesses
- - Easier, faster, more enjoyable shopping
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BETTER EDITED MERCHANDISE
Wider Aisles and More Open Departments
[Floor Layout Photo]
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MORE FASION GUIDANCE
Assemble Outfits and Translate Trends
[Merchandise Photo]
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MORE INFORMATION
Directional Signage and Price Checkers
[Photo]
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EASIER TRANSACTIONS
Smart Terminals
[Photo]
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LORD & TAYLOR
- - Repositioning as upscale retailer
- - Distinctive fashion and style
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LORD & TAYLOR
- - 32 stores to be divested
- - 19 stores to be closed by year-end
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LORD & TAYLOR
[Map]
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BRIDAL GROUP
David's Bridal
After Hours Formalwear
Priscilla of Boston
[Merchandise Photo]
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[Bridal Merchandise Photo]
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EXPENSE MANAGEMENT
- - Strong financial disciplines
- - Culture of continuous improvement
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