Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Sears Reports First Quarter 2003 Results
Apr 17, 2003
 Printable format
 Email this Article
 Search
North American department store retail giant Sears, Roebuck and Co. today reported net income of U.S. $192 million, or $0.60 per share, for the first quarter ended March 29, 2003, compared with net income of $110 million, or $0.34 per share, in the first quarter of 2002. "Sears' performance was in line with our guidance despite a challenging quarter for the consumer and retail sector as a whole," said Sears Chairman and Chief Executive Officer Alan J. Lacy. "While we are feeling the effects of major merchandise category exits and edits as well as the weak economic conditions, we continue to improve the fundamentals of our retail and credit operations." Sears, based in Hoffman Estates, IL, U.S., said the first quarter 2003 reported results were not affected by accounting changes, special charges, or gains on the sale of investments, which reduced first quarter 2002 net income by $190 million. As anticipated, Sears says, retail and related services experienced lower store sales during the light post-Christmas period and reported an operating loss of $23 million for the first quarter of 2003. The segment posted very strong operating income of $87 million in the first quarter of 2002, in what Sears says is generally the lowest quarterly period of the year in terms of merchandise sales and profits. Sears said the lawn and garden product segment performed especially well in its full-line and dealer stores. Sears Canada's first quarter operating income of $10 million compares with an operating loss of $105 million in last year's first quarter. The prior year results include a pretax charge of $111 million. Sears' Outlook The retail giant says that, given the current economic environment and cautious consumer sentiment, the company expects that near-term retail sector growth will be modest. It anticipates second quarter earnings per share will be between $0.85 and $1.00. The second quarter outlook assumes a mid-single digit comparable store sales decrease.

Back to Daily News

 

Daily News

...........................................................

Oct 21, 2014: AHRI Annual Meeting Registration Remains Open

Oct 20, 2014: Electrolux 3Q Operating Income up 29%

Oct 17, 2014: Whirlpool completes purchase of majority interest in Indesit

Oct 17, 2014: Corrected: AHRI Annual Meeting Registration Remains Open

Oct 17, 2014: Walmart will moderate brick-and-mortar growth and increase capital spending on e-commerce capabilities

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

September 2014: Appliance Industry Focus: HVAC
June 2014: Appliance Magazine Market Insight: April 2014
May 2014: Appliance Magazine Market Insight: March 2014
April 2014: Appliance Magazine Market Insight: February 2014




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows