Appliance and power tool retailer Sears, Roebuck and Co. announced that comparable domestic store revenues decreased 3.1 percent for the 5 weeks ended July 3, 2004. Total domestic store revenues were U.S. $2.5 billion for the 5-week period in June 2004, down 4.4 percent compared to $2.7 billion in the same period of 2003.
Comparable store sales for the year-to-date decreased 1.6 percent for the period ended July 3, 2003. Total store revenues were $10.7 billion, down 2.8 percent compared to $10.9 billion in 2003.
"June revenues for Sears, like other retailers, were below expectations due in large part to poor Father's Day demand and unusually cool weather," said Alan J. Lacy, Sears chairman and CEO. "In our home group, Sears experienced moderate growth in seasonal lines such as lawn, garden, and patio products, but that was offset by the pronounced decline in air-conditioning revenues due to cooler weather."
Sears' off-mall formats collectively reported sales growth for the month, led by The Great Indoors and Dealer stores.
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