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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark one)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended January 29, 1994
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 1-79
THE MAY DEPARTMENT STORES COMPANY
(Exact name of registrant as specified in its charter)
New York 43-0398035
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
611 Olive Street, St. Louis, Missouri 63101
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (314) 342-6300
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
Common Stock, par value $.50 per share New York Stock Exchange
Preferred stock purchase rights New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
$1.80 Preference Stock (assigned value $50.00 per share), without
par value
(Title of Class)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant
to Item 405 of Regulation S-K is not contained herein, and will not
be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part
III of this Form 10-K or any amendment to this Form 10-K. [ ]
Aggregate market value of registrant's common stock held by non-
affiliates as of April 2, 1994: $10,277,612,683
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date:
248,530,761 shares of common stock, $.50 par value, as of April 2,
1994.
Documents incorporated by reference:
1. Portions of Registrant's 1993 Annual Report to Shareowners are
incorporated into Parts I and II.
2. Portions of Registrant's 1994 Proxy Statement, dated April 18,
1994, are incorporated into Part III.
PART I
Items 1 and 2. Business and Description of Property
Registrant, a corporation, was organized under the laws of the
State of New York on June 4, 1910, as the successor to a business
founded by David May, who opened his first store in Leadville,
Colorado, in 1877. Registrant is the largest department store
retailer in the country, operating quality regional department
store companies nationwide. At fiscal year-end 1993, registrant
operated 301 department stores in 29 states and the District of
Columbia. The department store companies and their headquarters
are: Lord & Taylor, New York City; Foley's, Houston; Robinsons-
May, Los Angeles; Hecht's, Washington, D.C.; Kaufmann's,
Pittsburgh; Filene's, Boston; Famous-Barr, St. Louis; and Meier &
Frank, Portland, Ore.
In addition, registrant operates Payless ShoeSource, headquartered
in Topeka, Kan. At fiscal 1993 year-end, 3,779 stores were
operated in 49 states, the District of Columbia, Puerto Rico and
the Virgin Islands.
Registrant employs approximately 53,000 full-time and 60,000 part-
time associates in 49 states, the District of Columbia, Puerto
Rico, the Virgin Islands and eight offices overseas.
The following portions of registrant's 1993 Annual Report to
Shareowners are incorporated herein by reference: Management's
Discussion and Analysis (pages 12-17); Six Year Summary by Business
Segment (pages 28-29).
A. Property Ownership
(i) Department Stores
The following summarizes the property ownership of
department stores at January 29, 1994:
% of Gross
Number of Building
Stores Sq. Footage
Entirely or mostly owned* 175 63%
Entirely or mostly leased 70 21
Owned on leased land* 56 16
301 100%
* Includes a total of 23 department stores subject to
financing.
2
A. Property Ownership (continued)
(ii) Payless ShoeSource
Payless ShoeSource store locations are substantially all
leased, usually on a 10- to 15-year basis with renewal
options.
B. Credit Sales
Sales at registrant's department stores are made for cash or
credit, including registrant's 30-day charge accounts and open-end
credit plans, which include revolving charge accounts and revolving
installment accounts. During the fiscal year ended January 29,
1994, 62.4% of the total sales of registrant's department stores
were made through registrant's credit plans. All sales of Payless
ShoeSource are made either for cash or through third-party credit
cards.
In 1991, registrant formed three national banks (May National Bank
of Arizona (MBA), May National Bank of Ohio (MBO) and May National
Bank of Maryland (MBM)), which are indirectly wholly owned and
consolidated subsidiaries of registrant. MBM notified the Office
of the Comptroller of the Currency that it has commenced
liquidation, completion of which will occur in the first quarter of
1994.
During the last fiscal year, MBA and MBO (and, through August 4,
1993, MBM) extended credit to certain customers of registrant's
Robinsons-May, Kaufmann's, Meier & Frank and G. Fox department
stores companies. Throughout 1993, MBA and MBO (MBM through August
4, 1993) sold the resulting accounts receivables at face value, to
their parent, May Funding, Inc. In addition, MBA and MBO (MBM
through August 4, 1993) process remittances for May Funding, Inc.
and certain of registrant's department store credit card accounts
receivable. MBA and MBO receive processing fee revenue for this
service.
C. Competition in Retail Merchandising
Registrant's retail merchandising business is conducted under
highly competitive conditions. During the past five years, the
retail industry has seen major changes which have increased
competition. Although registrant is the nation's largest
department store retailer, it has thousands of competitors at the
local level which compete with registrant's individual department
and Payless ShoeSource stores. Competition at the local level is
characterized by numerous factors including convenience of
facilities, reputation, procurement of merchandise, product mix,
advertising, price, quality, service and credit availability.
Registrant believes that it is in a strong competitive position
with regard to each of these factors. Registrant has been able to
perform in a competitive environment through effective
merchandising.
3
D. Executive Officers of Registrant
The names and ages (as of April 20, 1994) of all executive officers
of registrant, and the positions and offices held with registrant
by each such person are as follows:
Name Age Positions and Offices
David C. Farrell 60 Chairman and Chief Executive Officer
Thomas A. Hays 61 Deputy Chairman
Jerome T. Loeb 53 President and Chief Financial Officer
Richard L. Battram 59 Vice Chairman
Anthony J. Torcasio 48 President and Chief Executive Officer,
May Merchandising Company
Louis J. Garr, Jr. 54 Executive Vice President and General
Counsel
R. Dean Wolfe 50 Executive Vice President
William D. Edkins 41 Senior Vice President
Lonny J. Jay 52 Senior Vice President
Jan R. Kniffen 45 Senior Vice President
Richard A. Brickson 46 Secretary and Senior Counsel
Andrew T. Hall 33 Vice President
Each of the above named executive officers shall remain in office
until the annual meeting of directors following the next annual
meeting of shareowners of registrant, or until their respective
successors shall have been elected and shall qualify. Messrs.
Farrell, Hays, Loeb and Battram also serve as directors of
registrant.
Each of the executive officers has been an officer of registrant
for at least the last five years, with the following exceptions:
Mr. Torcasio was president of the former L.S. Ayres division and
president and chief executive officer of Famous-Barr during the
past five years. In 1993, Mr. Torcasio became president and chief
executive officer of May Merchandising Company and became an
executive officer of registrant. Mr. Edkins was associated with
the management consulting firm McKinsey & Company, Inc., from 1984
to 1990 and became an executive officer of registrant in 1990. Mr.
Hall was associated with the public accounting firm of Arthur
Andersen & Co. from 1983 to 1993 and became an executive officer of
registrant in 1994.
Item 3. Legal Proceedings
There are no material pending legal proceedings, other than
ordinary routine litigation incidental to the business, to which
registrant or any of its subsidiaries is a party or of which any of
their property is the subject. In the Notes to Consolidated
Financial Statements (registrant's 1993 Annual Report to
Shareowners at page 26) the registrant reported that it is a
defendant in a lawsuit filed in Montgomery, Alabama, by certain
former bondholders who allege, among other things, that the
registrant reacquired certain indebtedness with lower-interest cost
debt in violation of the bond indentures. The lawsuit seeks either
reinstatement of the indebtedness plus reimbursement of the
4
Item 3. Legal Proceedings (continued)
plaintiffs' attorneys fees or contractual damages in excess of $25
million. The lawsuit also seeks punitive damages in excess of $100
million. The registrant believes its actions were legal and proper
and will vigorously defend its position. While the final outcome
of this lawsuit cannot be determined with certainty, the registrant
believes that the final outcome will not have a material adverse
effect on the registrant's results of operations or its financial
position.
Item 4. Submission of Matters to a Vote of Security Holders
There were no matters submitted to a vote of security holders
during the 13 weeks ended January 29, 1994.
PART II
Item 5. Market for Registrant's Common Equity and Related
Shareowner Matters
Common Stock Split, Dividends and Market Prices (page 17) of
registrant's 1993 Annual Report to Shareowners are incorporated
herein by reference.
Item 6. Selected Financial Data
The Eleven Year Financial Summary (pages 30 and 31) of registrant's
1993 Annual Report to Shareowners is incorporated herein by
reference.
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Management's Discussion and Analysis (pages 12-17), Summary of
Significant Accounting Policies (page 18) and Notes to Consolidated
Financial Statements (pages 23-29) of registrant's 1993 Annual
Report to Shareowners are incorporated herein by reference.
Item 8. Financial Statements and Supplementary Data
Summary of Significant Accounting Policies (page 18), Consolidated
Financial Statements (pages 19-22), Notes to Consolidated
Financial Statements (pages 23-29) and Report of Independent Public
Accountants (page 32) of registrant's 1993 Annual Report to
Shareowners are incorporated herein by reference.
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure
None.
5
PART III
Items 10, 11, 12, 13. Directors and Executive Officers of
Registrant, Executive Compensation,
Security Ownership of Certain Beneficial
Owners and Management, Certain
Relationships and Related Transactions
Pursuant to paragraph G (Information to be Incorporated by
Reference) of the General Instructions to Form 10-K, the
information required by Items 10, 11, 12 and 13 (other than
information about executive officers of registrant) is incorporated
by reference from the definitive proxy statement dated April 18,
1994, and filed pursuant to Regulation 14A. Information about
executive officers of registrant is set forth in Part I of this
Form 10-K, under the heading "Items 1 and 2. Business and
Description of Property."
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on
Form 8-K
(a) Documents filed as part of this report:
(1) Financial Statements. Incorporated by reference to
registrant's 1993 Annual Report to Shareowners (Exhibit
13):
Location in
Annual Report
Summary of Significant Accounting Policies 18
Financial Statements-
Consolidated Statement of Earnings for
the three fiscal years ended
January 29, 1994 19
Consolidated Balance Sheet -
January 29, 1994, and January 30, 1993 20
Consolidated Statement of Cash Flows
for the three fiscal years ended
January 29, 1994 21
Consolidated Statement of Shareowners'
Equity for the three fiscal years
ended January 29, 1994 22
Notes to Consolidated Financial Statements 23-29
Report of Independent Public Accountants 32
Location in
this Report
(2) Supplemental Financial Statement
Schedules (for the three fiscal years
ended January 29, 1994):
Report of Independent Public Accountants
on financial statement schedules 10
II Amounts receivable from employees 11-12
V Property and equipment 13
VI Accumulated depreciation and
amortization of property and
equipment 14
VIII Valuation and qualifying accounts 15
6
Item 14. Exhibits, Financial Statement Schedules and Reports on
Form 8-K (continued)
(3) Exhibits: Location
3(a) Restated Certificate of Filed
Incorporation of herewith.
Registrant, dated March 22, 1994
3(b) By-Laws of Registrant, as amended Filed
herewith.
11 Computation of Net Earnings Filed
Per Share herewith.
12 Computation of Ratio of Filed
Earnings to Fixed Charges herewith.
13 The May Department Stores Filed
Company 1993 Annual Report to herewith.
Shareowners (only those portions
specifically incorporated by
reference shall be deemed filed
with the Commission)
21 Subsidiaries of Registrant Filed
herewith.
23 Consent of Independent Public Page 10 of
Accountants this Report.
99 Form 11-K Annual Report of the Filed
Profit Sharing and Savings Plan herewith.
of The May Department Stores
Company for the fiscal year ended
December 31, 1993
(4) Reports on Form 8-K
The registrant has not filed any reports on Form 8-K
during the last quarter covered by this report.
All other schedules and exhibits of registrant for which provision
is made in the applicable regulations of the Securities and
Exchange Commission have been omitted as they are not required or
are inapplicable or the information required thereby has been given
otherwise.
7
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto
duly authorized.
THE MAY DEPARTMENT STORES COMPANY
Date: April 20, 1994 By: /s/ Jerome T. Loeb
Jerome T. Loeb
Director, President and
Chief Financial Officer
Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on
behalf of registrant and in the capacities and on the dates
indicated.
Date Signature Title
Principal Executive Officer:
April 20, 1994 /s/ David C. Farrell Director, Chairman
David C. Farrell and Chief
Executive Officer
Principal Financial and
Accounting Officer:
April 20, 1994 /s/ Jerome T. Loeb Director,
Jerome T. Loeb President and
Chief Financial
Officer
Directors:
April 20, 1994 /s/ Thomas A. Hays Director and
Thomas A. Hays Deputy Chairman
April 20, 1994 /s/ Richard L. Battram Director and Vice
Richard L. Battram Chairman
8
Date Signature Title
April 20, 1994 /s/ Helene L. Kaplan Director
Helene L. Kaplan
April 20, 1994 /s/ Edward H. Meyer Director
Edward H. Meyer
April 20, 1994 /s/ Russell E. Palmer Director
Russell E. Palmer
April 20, 1994 /s/ Andrall E. Pearson Director
Andrall E. Pearson
April 20, 1994 /s/ Michael R. Quinlan Director
Michael R. Quinlan
April 20, 1994 /s/ William P. Stiritz Director
William P. Stiritz
April 20, 1994 /s/ Robert D. Storey Director
Robert D. Storey
April 20, 1994 /s/ Murray L. Weidenbaum Director
Murray L. Weidenbaum
April 20, 1994 /s/ Edward E. Whitacre, Jr. Director
Edward E. Whitacre, Jr.
9
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To The May Department Stores Company:
We have audited, in accordance with generally accepted auditing
standards, the consolidated financial statements included in The
May Department Stores Company's Annual Report to Shareowners
incorporated by reference in this Form 10-K, and have issued our
report thereon dated February 21, 1994. Our audit was made for the
purpose of forming an opinion on those statements taken as a whole.
Schedules II, V, VI and VIII included in this Form 10-K are the
responsibility of the company's management and are presented for
the purpose of complying with the Securities and Exchange
Commission's rules and are not part of the consolidated financial
statements. These schedules have been subjected to the auditing
procedures applied in the audit of the consolidated financial
statements and, in our opinion, fairly state in all material
respects the financial data required to be set forth therein in
relation to the consolidated financial statements taken as a whole.
ARTHUR ANDERSEN & CO.
1010 Market Street
St. Louis, Missouri 63101-2089
February 21, 1994
Exhibit 23
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the
incorporation of our reports included or incorporated by reference
in this Annual Report on Form 10-K for the year ended January 29,
1994, into the Company's previously filed Registration Statements
on Form S-3 (No. 33-37966, 33-38585 and 33-46021) and Form S-8 (No.
33-26016, 33-38104 and 33-51849).
ARTHUR ANDERSEN & CO.
1010 Market Street
St. Louis, Missouri 63101-2089
April 20, 1994
10
SCHEDULE II
Page 1 of 2
THE MAY DEPARTMENT STORES COMPANY AND SUBSIDIARIES
(Thousands) AMOUNTS RECEIVABLE FROM EMPLOYEES (A)
FOR THE THREE FISCAL YEARS ENDED JANUARY 29, 1994
Inter- Balance Balance Balance Balance
est Due at (B) at (B) at (B) at
Name of Employee Rate Date 2/2/91 Activity 2/1/92 Activity 1/30/93 Activity 1/29/94
Donald R. Andrus 9% 4/01/98(*) $ 200 $ - $ 200 $ (50) $ 150 $ (75) $ 75
Richard Bennet - - - - - - - 200 (200) -
- - - - - - - 92 (92) -
Joseph Bornhorst - - - - - 101 (101) - - -
Susan Brodbeck - - - - - 114 114 (114) -
John Busch - - - 100 (100) - - - - -
Lucy Cindric - - - - - 100 (1) 99 (99) -
Maxine Clark - 1/02/03(*) - - - - - 200 200
Joseph S. Davis - - 145 - 145 - 145 (145) -
Fred DiIorio 9% 8/01/95(*) 536 - 536 - 536 - 536
Steven J. Douglass - - - - - - - 409 (409) -
Dave Garner - - - - - - - 25 (25) -
- - - - - - - 210 (210) -
Sandy Gonzalez - - - 220 220 (220) - - -
Bill Harmon - - - - - - - 117 (117) -
Pam Hicks - - - 100 100 (100) - - -
Marshall Hilsberg - 4/30/94(*) 550 - 550 (275) 275 - 275
Judith K. Hofer - - 250 - 250 - 250 (250) -
Eugene S. Kahn - 2/24/93 - - - 60 60 - 60
- 4/30/97(*) - - - - - 150 150
- - 285 - 285 - 285 (285) -
- 1/02/03(*) - - - 315 315 - 315
Matthew Langweber - - 175 - 175 - 175 (175) -
John Lefebvre 7% 10/30/00(*) 412 (58) 354 75 429 - 429
Stan Leff - - - 175 175 - 175 (175) -
Jay Levitt - - - 120 (120) - - - - -
John McClymonds - - - - - 110 (110) - - -
Richard Maloney 8% 7/01/95(*) 100 - 100 (25) 75 - 75
(A) All of the listed loans were made in connection with executive employment or relocation, are due on
the date indicated and were unsecured, unless otherwise indicated.
(B) Represents additions and (collections).
(*) Collateral is mortgage on certain real estate.
11
SCHEDULE II
Page 2 of 2
THE MAY DEPARTMENT STORES COMPANY AND SUBSIDIARIES
(Thousands) AMOUNTS RECEIVABLE FROM EMPLOYEES (A)
FOR THE THREE FISCAL YEARS ENDED JANUARY 29, 1994
Inter- Balance Balance Balance Balance
est Due at (B) at (B) at (B) at
Name of Employee Rate Date 2/2/91 Activity 2/1/92 Activity 1/30/93 Activity 1/29/94
Joseph M. Melvin 9% 1/02/01(*) $ 250 $ - $ 250 $ (175) $ 75 $ - $ 75
Robert L. Mettler - - 375 - 375 - 375 (375) -
Jerry Miller - - - 130 (130) - - - - -
David P. Mullen - 1/01/97(*) - 750 750 (250) 500 - 500
Duane Nicks - - - - - - - 140 (140) -
Paul Oscarson - - - - - - - 125 (125) -
Joe Petrome - - - - - - - 100 (100) -
Warren Phillips - - 134 (41) 93 (93) - - -
Tom Remby - - - 30 (10) 20 (20) - - -
- 9/30/93 - 98 98 (81) 17 - 17
9% 10/29/93(*) - - - 75 75 - 75
John G. Rutenis - - 475 - 475 (475) - - -
Eric Salus - - - 300 300 (300) - - -
- - - 70 (70) - - - - -
Gerald A. Sampson - - - 100 (100) - - - - -
- - - 500 500 - 500 (500) -
Steve Sloane - - - - - - - 100 (100) -
Earl Sluss 7% 5/01/00(*) 300 - 300 - 300 - 300
Kenneth F. Sokol - - 200 (200) - - - - -
Robert Soroka 7% 12/01/00(*) 270 - 270 (143) 127 - 127
- - 163 (163) - - - - -
Terry Talley - - 200 - 200 - 200 (200) -
- - - - - - - 75 (75) -
Ronald F. Tanler 300 - 300 - 300 (300) -
Richard Tao - - - 500 (500) - - - - -
Heywood Wilansky - - 250 (250) - - - - -
- - - 350 350 (350) - - -
- 4/30/99 - - - 750 750 - 750
Kenneth Wilkerson 7% 4/01/00(*) 500 - 500 - 500 - 500
Charles Wilson - - - 100 (100) - - - - -
(A) All of the listed loans were made in connection with executive employment or relocation, are due on
the date indicated and were unsecured, unless otherwise indicated.
(B) Represents additions and (collections).
(*) Collateral is mortgage on certain real estate.
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SCHEDULE V
THE MAY DEPARTMENT STORES COMPANY AND SUBSIDIARIES
PROPERTY AND EQUIPMENT FOR THE THREE FISCAL YEARS
ENDED JANUARY 29, 1994
(Millions) Balance Balance
beginning Additions, (Retire- end of
Classification of period at cost ments) period
FISCAL YEAR ENDED
JANUARY 29, 1994:
Land $ 247 $ 17 $ (16) $ 248
Buildings and
improvements 2,496 313 (136) 2,673
Furniture, fixtures
and equipment 1,887 370 (214) 2,043
Property under
capital leases 101 - (18) 83
Total $ 4,731 $ 700 $ (384) $ 5,047
FISCAL YEAR ENDED
JANUARY 30, 1993:
Land $ 235 $ 22 $ (10) $ 247
Buildings and
improvements 2,409 177 (90) 2,496
Furniture, fixtures
and equipment 1,795 205 (113) 1,887
Property under
capital leases 101 - - 101
Total $ 4,540 $ 404 $ (213) $ 4,731
FISCAL YEAR ENDED
FEBRUARY 1, 1992:
Land $ 236 $ 13 $ (14) $ 235
Buildings and
improvements 2,192 267 (50) 2,409
Furniture, fixtures
and equipment 1,646 232 (83) 1,795
Property under
capital leases 106 - (5) 101
Total $ 4,180 $ 512 $ (152) $ 4,540
Notes to Schedules V and VI:
Property and equipment are depreciated on a straight-line basis
over their estimated useful lives which are 25 to 50 years for
buildings, 15 to 22 years for improvements and 3 to 15 years for
furniture, fixtures and equipment.
During the period of 1989 through 1991, the registrant sold a total
of 66 of its department stores properties to MCAC for $634 million
and simultaneously leased back the properties. As the registrant
was a 50% partner in MCA, the sale/leasebacks were accounted for as
loans from MCAC and the historical property balances and activity
remained in the financial statements. Upon dissolution of the MCA
partnership in 1992, May received a majority ownership interest in
MCAC and, therefore, the MCAC loans were eliminated on a
consolidated basis and the financial statements continue to reflect
the historical property balances for these locations.
Leasehold improvements are amortized on a straight-line basis over
their estimated useful lives or the lease term whichever is
shorter. Property under capital leases is amortized over the
related lease terms.
13
SCHEDULE VI
THE MAY DEPARTMENT STORES COMPANY AND SUBSIDIARIES
ACCUMULATED DEPRECIATION AND AMORTIZATION OF
PROPERTY AND EQUIPMENT
FOR THE THREE FISCAL YEARS ENDED JANUARY 29, 1994
(Millions)
Balance Depre- Balance
beginning ciation (Retire- end of
Classification of period expense ments) period
FISCAL YEAR ENDED
JANUARY 29, 1994:
Buildings and
improvements $ 730 $ 131 $ (69) $ 792
Furniture, fixtures
and equipment 806 196 (188) 814
Property under
capital leases 37 3 (10) 30
Total $ 1,573 $ 330 $ (267) $ 1,636
FISCAL YEAR ENDED
JANUARY 30, 1993:
Buildings and
improvements $ 646 $ 126 $ (42) $ 730
Furniture, fixtures
and equipment 709 192 (95) 806
Property under
capital leases 34 3 - 37
Total $ 1,389 $ 321 $ (137) $ 1,573
FISCAL YEAR ENDED
FEBRUARY 1, 1992:
Buildings and
improvements $ 562 $ 112 $ (28) $ 646
Furniture, fixtures
and equipment 599 184 (74) 709
Property under
capital leases 34 3 (3) 34
Total $ 1,195 $ 299 $ (105) $ 1,389
See Notes on Schedule V.
14
SCHEDULE VIII
THE MAY DEPARTMENT STORES COMPANY AND SUBSIDIARIES
VALUATION AND QUALIFYING ACCOUNTS
FOR THE THREE FISCAL YEARS ENDED JANUARY 29, 1994
(Millions)
Charges
Balance to costs Balance
beginning and (Deductions) end of
of period expenses (a) period
FISCAL YEAR ENDED
JANUARY 29, 1994
Allowance for
doubtful accounts $ 82 $ 70 $ (76) $ 76
FISCAL YEAR ENDED
JANUARY 30, 1993
Allowance for
doubtful accounts $ 88 $ 78 $ (84) $ 82
FISCAL YEAR ENDED
FEBRUARY 1, 1992:
Allowance for
doubtful accounts $ 84 $ 105 $ (101) $ 88
(a) Write-off of accounts determined to be uncollectible, net of
recoveries of $22 million in each of 1993, 1992 and 1991.
15
Exhibit 21
THE MAY DEPARTMENT STORES COMPANY AND SUBSIDIARIES
SUBSIDIARIES OF REGISTRANT
The corporations listed below are subsidiaries of registrant, and
all are included in the consolidated financial statements of
registrant as subsidiaries (unnamed subsidiaries, considered in the
aggregate as a single subsidiary, would not constitute a
significant subsidiary):
Jurisdiction
in which
Name organized
May Capital, Inc. Delaware
May Centers Associates Corporation Missouri
May Funding, Inc. Nevada
May Holdings, Inc. Delaware
The May Department Stores Credit Company Delaware
Payless ShoeSource, Inc. Missouri
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