Sears, Roebuck and Co. (NYSE: S) announced today that comparable domestic store revenues decreased 2.7 percent for the four weeks ended Nov. 1, 2003. Total domestic store revenues were $1.9 billion for the four-week period in October 2003, down 2.2 percent compared with the four weeks ended Nov. 2, 2002.
"Unseasonably warm weather in most of the country during October slowed demand for seasonal items and contributed to a disappointing month across our apparel categories," said Sears Chairman and CEO Alan J. Lacy. "However, we sustained our sales momentum in home appliances during October and the lawn & garden and fitness categories had another month of strong revenue growth."
Among off-mall formats, revenue increases in Hardware stores and Dealer stores were more than offset by declines in National Tire & Battery and The Great Indoors.
Sears, Roebuck and Co. Domestic Store Revenues & Comparable Store Revenues (*According to National Retail Federation Fiscal Calendar.) (**A store is considered to be comparable at the beginning of the 13th month after the store is opened.) Fiscal Period Ending Percent Change November 1, November 2, All Comp 2003 2002 Stores Stores** October $1,896,200,000 $1,939,400,000 -2.2 % -2.7 % Year-to-Date* $19,304,900,000 $19,632,100,000 -1.7 % -2.3 %
The company has made available by phone a recorded message on sales performance of its domestic stores for October, as well as the company's forecasted results for the 2003 fiscal fourth quarter. The message can be heard by calling (847) 286-6111 and will be available for approximately one week.
The forecasted results in the recording for the 2003 fiscal fourth quarter represent a "forward-looking statement," which is based on assumptions about the future that are subject to risks and uncertainties, such as: competitive conditions in retail; changes in consumer confidence and spending; the successful execution of and customer reactions to Sears' full-line store strategy and other performance improvement initiatives; general economic conditions and normal business uncertainty. While the company believes its forecasts and assumptions are reasonable, it cautions that actual results may differ materially. The company intends these forecasted results to speak only as of the time of this release and does not undertake to update or revise it, as more information becomes available.
Sears, Roebuck and Co. is a broadline retailer with significant service businesses. In 2002, the company's revenue was $41.4 billion. The company offers its wide range of apparel, home and automotive products and services to families in the U.S. through Sears stores nationwide, including approximately 870 full-line stores. Sears also offers a variety of merchandise and services through its Web sites, sears.com and landsend.com, and a variety of specialty catalogs.
SOURCE: Sears, Roebuck and Co.
CONTACT: News Media, Edgar P. McDougal, +1-847-286-9669, or Investor
Contact, Pam White, +1-847-286-1468, both of Sears
Web site: http://www.sears.com/