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Article: Bradlees, Mervyn's optimistic; Mercantile slows, Kohl's grows. (retailers' financial condition)
- Article from:
- WWD
- Article date:
- May 25, 1995
- Author:
CopyrightCOPYRIGHT 1995 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- Addressing shareholder concerns about sagging performances, Bradlees and Mervyn's executives out-lined turnaround strategies at annual meetings Wednesday, projecting some optimism for the second half.
But Mercantile Stores gave its shareholders some more troublesome news right after its annual meeting.
The chain lowered its second-quarter sales estimate to reflect a downtrend in May business and projected modest sales growth of 3.3 percent to $640 million for the quarter ending July 29 from $619 million. Samestore sales are expected to increase just 2.6 percent.
In addition, Mercantile is estimating second-quarter earnings of 18-20 cents ...