May Department Stores’ income climbed 16.5% to...

May Department Stores’ income climbed 16.5% to $444 million for fiscal 1987. The St. Louis-based retailer, which owns J. W. Robinson’s and Lord & Taylor among other stores, said retail sales for 1987 were $10.3 billion, up 8.6%. The company also announced a 12% increase in the annual common stock dividend rate to $1.28 per share. The dividend will be first paid in June at the rate of 32 cents per quarter. The company said 1987 marks its 13th consecutive year of record sales and earnings. The company said earnings rose 8% to $230 million in the fourth quarter.