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Sears' Stock Falls after Retailer Posts 2-Percent Loss in Same-Store Sales.
Knight Ridder/Tribune Business News, May, 2004
By Becky Yerak, Chicago Tribune Knight Ridder/Tribune Business News
May 7--With clothing remaining its Achilles' heel, Sears, Roebuck and Co. failed to meet Wall Street's expectations for April.
The retailer was expected to post a 1 percent gain in same-store sales, or sales at stores open at least a year. Instead, it shed nearly 2 percent.
As a result, Sears' stock fell about 5 percent Thursday, or $1.92, to close at $38.08. Still, the disappointing results were an improvement over April 2003, when same-store sales fell 8.5 percent.
Alan Lacy, Sears' chief executive officer, called April clothing sales "unsatisfactory." In other areas "we recorded strong revenue increases in home appliances and consumer electronics," he said...
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