Sears July Comparable Store Sales Decrease 4.9 Percent
Sears, Roebuck and Co. (NYSE: S) today announced total domestic store revenues for the four weeks ended August 3, 2002 were $2.0 billion, a 2.7 percent decrease compared with the four weeks ended August 4, 2001. Comparable domestic store revenues decreased 4.9 percent.
"Comparable store sales were in line with the company's expectations for a mid-single digit decline for the month," said Chairman and Chief Executive Officer Alan J. Lacy. "As we have previously stated, the current quarter is the period of greatest sales disruption at the store level from the implementation of our strategic initiatives. Nonetheless, we are pleased with the progress we are making."
Dealer and hardware store formats continue to perform well with upper- and low-single digit sales increases, respectively, in the month of July. In full-line stores, strong sales in lawn and garden and solid increases in appliances were offset by decreases across other categories.
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, http://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 http://www.landsend.com/ . The company makes available by phone a recorded message on sales performance of its domestic stores. The message is updated weekly and can be heard by calling (847) 286-6111.
Sears, Roebuck and Co.
4 Weeks 26 Weeks
2002 Domestic Store Revenues
Ended August 3, 2002 $ 1,973,400,000 $ 13,671,400,000
2001 Domestic Store Revenues
Ended August 4, 2001 2,027,600,000 13,873,500,000
Percent Change -2.7% -1.5%
Comparable Domestic Stores Percent Change -4.9% -4.0%
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.
Web site: http://www.sears.com/