Sears Reports February Comparable Store Sales
Sears, Roebuck and Co. (NYSE: S) announced today that comparable domestic store revenues decreased 9.4 percent for the four weeks ended March 1. Total domestic store revenues were $1.7 billion; a 7.9 percent decrease compared with the four weeks ended March 2, 2002.
"Severe winter weather on the East Coast over President's Day weekend forced closure of approximately 130 stores and key distribution centers, which negatively impacted sales," said Chairman and Chief Executive Officer Alan J. Lacy. "Our revenues also reflect a shift in promotional activities away from February and into March, as well as the continuing effect of certain category exits during the past year."
Full-line store sales included double-digit percentage growth in fine jewelry and high-single digit percentage growth in footwear, while specialty stores recorded a mid- single digit decrease.
Sears, Roebuck and Co. Domestic Store Revenues & Comparable Store Revenues (*According to National Retail Federation Fiscal Calendar) Fiscal Period Ending Percent Change March 1, 2003 March 2, 2002 All Stores Comp Stores February $1,749,900,000 $1,900,400,000 -7.9% -9.4% Year-to-Date* $1,749,900,000 $1,900,400,000 -7.9% -9.4%
The company has made available by phone a recorded message on sales performance of its domestic stores for February, as well as the company's forecasted sales results for March 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 and web text for March 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 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 .
SOURCE: Sears, Roebuck and Co.
CONTACT: Media, Edgar P. McDougal, +1-847-286-9669, or Investors, Pam
White, +1-847-286-1468, both of Sears, Roebuck and Co.