Too Cool

Sears Roebuck and Co. (Hoffman Estates, Ill.) reported a 3.1 percent decrease in domestic same-store revenues for the five weeks ended July 3, 2004. Total domestic store revenues down 4.4 percent.

“As we discussed during our off-mall growth strategy announcement, 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 Sears chairman and ceo Alan Lacy. “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.”

The retailer said apparel revenues were again substandard in June, as it continued to work through its assortment and inventory issues. Sears expects its apparel offering and inventory to be improved by September as it transitions to fall merchandise. Sears’ off-mall formats collectively reported sales growth for the month, led by The Great Indoors and Dealer stores.