Sears November Comparable Store Sales Decrease 10.9 Percent
Sears, Roebuck and Co. (NYSE: S) today announced total domestic store revenues for the four weeks ended November 30, 2002 were $2.6 billion, an 8.7 percent decrease compared with the four weeks ended December 1, 2001. Comparable domestic store revenues decreased 10.9 percent.
"Sales were in line with our expectations for the month," said Chairman and Chief Executive Officer Alan J. Lacy. "As expected, Thanksgiving week results were an encouraging kickoff to the holiday season."
Within full-line stores, sporting goods delivered a solid performance. Off-mall, NTB showed a mid single-digit increase and Dealer stores showed a low single-digit increase.
Sears, Roebuck and Co. is a broadline retailer with significant service and credit businesses. In 2001, the company's annual revenue was more than $41 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 site, www.sears.com . In June 2002, Sears acquired Lands' End, a direct merchant of traditionally styled, classic Lands' End clothing offered to customers around the world through regular mailings of its specialty catalogs and online at www.landsend.com.
Sears, Roebuck and Co. 4 Weeks 43 Weeks 2002 Domestic Store Revenues Ended November 30, 2002 $ 2,607,500,000 $ 22,725,100,000 2001 Domestic Store Revenues Ended December 1, 2001 2,856,100,000 23,606,900,000 Percent Change -8.7% -3.7% Comparable Domestic Stores Percent Change -10.9% -6.2%
The company has made available by phone a recorded message on sales performance of its domestic stores for November and the company's forecasted sales results for December. The message can be heard by calling (847) 286-6111 and will be available for approximately one week. The message will not be updated. The forecasted results in the recording for December 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.
SOURCE: Sears, Roebuck and Co.
CONTACT: Media, Peggy A. Palter, +1-847-286-8361, or Investor Relations,
Pam White, +1-847-286-1468, both of Sears
Web site: http://www.sears.com/