Sears, Roebuck and Co. (NYSE: S) announced today that comparable domestic store revenues decreased 0.8 percent for the four weeks ended Aug. 2, 2003. Total domestic store revenues were $1.9 billion in July 2003, down slightly compared with the four weeks ended Aug. 3, 2002.
"We were pleased with July sales, which were in line with expectations and featured strong apparel performance across men's, women's and kids' categories, led by our Lands' End and Covington brands," said Chairman and CEO Alan J. Lacy. "We were also pleased to see higher major appliance revenues, despite cooler weather that hurt air conditioning sales."
Off-mall revenues were slightly below prior year, with low single-digit increases in both hardware stores and dealer stores offset by a mid-single digit decrease in The Great Indoors. Lawn and garden, particularly riding mowers, tractors and patio furniture, continued to show strength across all formats.
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 August 2, August 3, All Stores Comp Stores** 2003 2002 July $1,917,600,000 $1,923,100,000 -0.3% -0.8% Year-to-Date* $12,904,500,000 $13,352,500,000 -3.4% -4.1%
The company has made available by phone a recorded message on sales performance of its domestic stores for July, as well as the company's forecasted results for August 2003. 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 August 2003 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 and credit 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: media, Edgar P. McDougal, +1-847-286-9669, or investors, Pam
White, +1-847-286-1468, both of Sears, Roebuck and Co.
Web site: http://www.sears.com/