Sears, Roebuck and Co. announced comparable domestic store revenues decreased 3.6 percent for the 4 weeks ended Nov. 29, 2003. Total domestic store revenues were U.S. $2.5 billion for the 4-week period in November 2003, down 3.2 percent compared with the same period last year.
Revenues for the year were reported at $21.7 billion, a 2.4-percent decrease from last year's reports.
For the month, major home appliance revenues were up modestly, while the lawn and garden business continued a strong performance. Sears Dealer stores and Orchard Supply Hardware reported sales increases in November.
"Overall, November results were below expectations and we are disappointed that the results weren't stronger," said Alan J. Lacy, Sears chairman and CEO. "While we are pleased that customers have responded very well to many of our holiday gift offerings in categories such as tools, toys, and digital consumer electronics, overall spending at the beginning of the season has been more subdued than expected with our balance of promotional activity greater than anticipated."
Based on October and November results, the company expects fourth-quarter comparable store sales to range from flat to a low-single-digit-percentage decrease. Beginning in 2004, Sears plans to provide quarterly sales guidance only. The retailer intends to continue providing sales results on a monthly basis.
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