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May Reports Improved Operating Earnings: May Department Stores Co. said it earned $117 million, or 45 cents a share, during the quarter ended July 31, compared to a year earlier when it earned $393 million, or $1.48 a share, including a $298-million gain from the distribution of the May Centers Associates partnership assets. Excluding the previous year’s gain, the St. Louis-based retailer earned $95 million, or 36 cents a share. Sales rose from $2.31 billion to $2.5 billion. The second quarter was difficult for many retailers, but some department store companies, including May, fared better than the pack and posted healthy sales increases for the period. May also did well because it has sharply lowered expenses.