Sears Reports March Comparable Store Sales
Sears, Roebuck and Co. (NYSE: S) announced today that comparable domestic store revenues decreased 3.1 percent for the five weeks ended April 5, 2003. Total domestic store revenues were $2.4 billion; a 2.3 percent decrease compared with the five weeks ended April 6, 2002.
"March sales were better than expected because of the strong performance of our home improvement business," said Chairman and Chief Executive Officer Alan J. Lacy. "The lawn and garden category performed especially well in our full-line stores."
Home improvement sales included double-digit growth in lawn and garden and low-single digit growth in tools/paint. Dealer stores recorded a mid-single digit increase.
Sears, Roebuck and Co.
Domestic Store Revenues & Comparable Store Revenues
(* According to National Retail Federation Fiscal Calendar)
(** A store is considered to be comparable at the beginning of the 13th
month after the store is opened.)
Fiscal Period Ending Percent Change
April 5, April 6, All Comp
2003 2002 Stores Stores**
March $2,399,900,000 $2,455,700,000 -2.3% -3.1%
Year-to-Date* $4,149,800,000 $4,356,100,000 -4.7% -5.9%
The company has made available by phone a recorded message on sales performance of its domestic stores for March, as well as the company's forecasted results for April 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 for April 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; the duration of hostilities in Iraq; 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.
About Sears
Sears, Roebuck and Co. is a broadline retailer with significant service and credit businesses. In 2002, the company's annual revenue was $41.4 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 sites, sears.com, thegreatindoors.com and landsend.com, and a variety of specialty catalogs.
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.
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