MEMO: RETAILER PERFORMANCE SLIPS BACK IN MAY

After experiencing a brief recovery in April, most of the nation's largest retailers slipped back in May, hurt by a choppy economy and rising energy prices.

Some discount retailers, including Wal-Mart Stores Inc., and a few apparel stores such as Talbots Inc., posted decent results, but others suffered from weakening consumer spending.

Many retailers are pinning their hopes on the $45 billion or so in tax cuts and subsequent taxpayer rebates that are expected to kick in over the next few months, as well as five interest rate cuts by the Federal Reserve, which retailers hope will give a lift to the struggling economy by year-end.

Selected figures on May's sales at leading retail chains:

* Federated Department Stores: Same-store sales declined 3.3 percent; total sales declined 7.1 percent.

* Gap: Same-store sales declined 10 percent; total sales rose 1 percent.

* Kmart Corp.: Same-store sales declined 1 percent; total sales declined 2.3 percent.

* May Department Stores Co.: Same-store sales rose 1.1 percent; total sales rose 5.8 percent.

* Target Corp.: Same-store sales rose 0.9 percent; total sales rose 6.9 percent.

* Wal-Mart: Same-store sales rose 3.8 percent; total sales rose 12.5 percent.