Sears, Roebuck and Co. announced total domestic store revenues for the four weeks ended February 1, 2003 were $1.6 billion, a 6.3 percent decrease compared with the four weeks ended February 2, 2002. Comparable domestic store revenues decreased 8.0%.
Within the full-line stores, January sales were below the prior year, particularly in home electronics and the categories affected by business exits, such as home fashions and home decor. However, fitness performed well, posting a low-single digit increase. Specialty stores experienced a mid- single digit comparable store sales decrease.
“January comparable sales results were within our first quarter plan of a mid-single digit percentage decline,” said Chairman and Chief Executive Officer Alan J. Lacy. “We continue to tightly manage expenses and margins, and remain on track to deliver our annual comparable earnings per share guidance of a low- to mid-single digit percentage increase over 2002 comparable earnings per share of $4.92. Consistent with this guidance, we expect first quarter comparable earnings per share to be in the range of $0.50-$0.65. This incorporates the expected decrease in credit income and the effect of a later Easter holiday.”
