Sears, Roebuck and Co. (NYSE: S) today announced total domestic store revenues for the five weeks ended October 5, 2002 were $2.4 billion, a 3.1 percent decrease compared with the five weeks ended October 6, 2001. Comparable domestic store revenues decreased 5.9 percent.
"As we anticipated, sales results for the month of September were impacted by store remodeling efforts and a challenging economic environment," said Chairman and Chief Executive Officer Alan J. Lacy. "We have made significant changes to our stores, our merchandise offerings and our customer service model over the past year. As we enter the holiday shopping season, our customers will benefit from these changes through an improved shopping experience and a more exciting merchandise offering."
In full-line stores, double-digit comparable store sales increases in tools and sales increases in home appliances were offset by decreases across other categories. Off-the-mall, dealer stores posted a mid-single digit sales increase while The Great Indoors showed a 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. 5 Weeks 35 Weeks 2002 Domestic Store Revenues $2,433,700,000 $18,124,500,000 Ended October 5, 2002 2001 Domestic Store Revenues 2,511,500,000 18,597,000,000 Ended October 6, 2001 Percent Change -3.1% -2.5% Comparable Domestic Stores Percent Change -5.9% -5.1%
The company has made available by phone a recorded message on sales performance of its domestic stores for September and the company's forecasted sales results for October. 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 October 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, Roebuck and Co.