Sears October Comparable Store Sales Decrease 10.0 Percent
Sears, Roebuck and Co. (NYSE: S) today announced total domestic store revenues for the four weeks ended November 2, 2002 were $2.0 billion, a 7.5 percent decrease compared with the four weeks ended November 3, 2001. Comparable domestic store revenues decreased 10.0 percent.
"The weakening economy significantly impacted sales in the big ticket full-line and dealer store categories, particularly home appliances, lawn and garden, home electronics and fine jewelry," said Chairman and Chief Executive Officer Alan J. Lacy. "We were, however, pleased with the performance of our apparel categories, which demonstrated substantial improvement from recent trends."
Within full-line stores, footwear posted a high single digit sales increase, while ready-to-wear and tools and paint sales were in line with last year. Sears Auto Centers sales were also in line with last year. Off-the-mall, The Great Indoors showed a high 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, 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 landsend.com .
4 Weeks            39 Weeks
2002 Domestic Store Revenues
Ended November 2, 2002            $1,993,100,000     $20,117,600,000
Ended November 3, 2001             2,153,800,000      20,750,800,000
Percent Change                              -7.5%               -3.1%
Comparable Domestic Stores
Percent Change                            -10.0%               -5.6%
The company has made available by phone a recorded message on sales performance of its domestic stores for October and the company's forecasted sales results for November. The message can be heard by calling (847) 286-6111 and will not be updated. The forecasted results in the recording for November 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; the resumption of normal shipping on the West Coast following recent labor unrest; 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.
CONTACT: media, Peggy A. Palter, +1-847-286-8361, or investor relations,
Pam White, +1-847-286-1468, both of Sears, Roebuck and Co.