Sears' Results Resemble Those in 2002

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Sears, Roebuck & Co. had total revenue for the 13 and 39 weeks ending Sept. 27 of $9.8 billion and $28.9 billion, respectively, compared with $9.7 billion and $28.8 billion for the 13- and 39-week periods ended Sept. 28, 2002, respectively, according to the company's Form 10-Q, filed yesterday.

Direct-to-customer revenue for the 13 weeks fell to $337 million from $348 million in the prior-year period, "primarily due to a decrease in Lands' End direct to customer revenues, as well as declines in our integrated merchandising and specialty catalog businesses," according to the filing.

"The slight decline in Lands' End direct to customer revenues is attributable to lower sales in the third quarter of fall and winter merchandise, particularly outerwear, given the warmer weather in the latter part of summer and early fall season."

Revenue for the 39 weeks ended Sept. 27 increased over the prior year mainly from the acquisition of Lands' End in June 2002. Lands' End contributed $975 million and $340 million in revenue in each respective 39-week period. Overall totals for the segment were $1.08 billion and $460 million, respectively.

Revenue from merchandise sales and services was $8.4 billion in the 13 weeks ended Sept. 27, up 2.1 percent from the prior-year period. Revenue in the domestic full-line stores totaled $5.2 billion for the 13 weeks ended Sept. 27, up 1.6 percent and driven by a 1.4 percent rise in comparable-store sales.

In the 39 weeks ended Sept. 27, merchandise sales and services revenue reached $24.7 billion compared with $24.6 billion for the prior-year period. The increase results mainly from the revenue generated by the Lands' End DTC business.

Brookstone Inc., Nashua, NH, reported yesterday that same-store sales during its third quarter surged 15.9 percent over last year.

Total sales for the quarter ended Nov. 1 climbed 17.2 percent, to $73.7 million, compared to $62.8 million in the comparable 13-week period last year. Direct marketing sales increased 6.9 percent to $13.4 million on an 8.1 percent decrease in circulation.

In the first nine months of 2003, total sales increased 12.8 percent, to $215.1 million, compared to $190.7 million for the first nine months of 2002. Same-store sales for the first nine months of 2003 climbed 9.9 percent, while sales in the direct marketing segment rose 5.7 percent to $37.5 million, compared to $35.5 million for the first nine months of 2002.

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