Sears Reports May Comparable Store Sales Jun 3, 2004

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Sears, Roebuck and Co. announced that comparable domestic store revenues decreased 3.7 percent for the 4 weeks ended May 29, 2004. Total domestic store revenues were U.S. $2.08 billion for the 4-week period in May 2004, down 4.7 percent compared to $2.2 billion for the 4 weeks ended May 31, 2003.

The retailer reported year-to-date revenue decreased 2.4 percent to $8.1 billion compared to $8.3 billion from the same period last year.

"The shift of Memorial Day to the June sales month from May in 2003, combined with a slackening in consumer demand across most categories, contributed to results below our expectations," said Sears Chairman and CEO Alan J. Lacy. "We continue to take significant steps to improve the shopability of our stores, including a systematic resetting of seven major departments this year. In May, we substantially upgraded our Home Fashions presentation, with better merchandise and fixturing in 300 stores."

Sears experienced sales declines in its home group categories, while the weakness in spring apparel revenues persisted. The company's off-the-mall formats collectively reported flat sales for the month of May.

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