Sears, Roebuck and Co. (NYSE: S) announced today that comparable domestic store revenues decreased 8.5 percent for the four weeks ended May 3, 2003. Total domestic store revenues were $2.0 billion, an 8.0 percent decrease compared with the four weeks ended May 4, 2002.
"Children's apparel contributed to an improved trend in our softlines business," said Chairman and CEO Alan J. Lacy. "Hardlines revenues declined, partially due to our Easter store closing and strong seasonal product sales in March."
Full-line stores sales included double-digit growth in children's apparel. In addition, women's sportswear, outerwear and special sizes performed well. Specialty stores recorded a low double-digit decrease.
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 May 3, May 4, All Comp 2003 2002 Stores Stores** April $1,993,700,000 $2,167,700,000 -8.0% -8.5% Year-to-Date* $6,143,500,000 $6,523,900,000 -5.8% -6.8%
The company has made available by phone a recorded message on sales performance of its domestic stores for April, as well as the company's forecasted results for May 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 May 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: News 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/