Sears to announce long-term plans, creating buzz among many analysts

As Sears, Roebuck & Co. management prepares to meet with analysts October 24 to unveil the company's long-anticipated strategic plan, some observers say no big shakeup is in the works, while others have had a pre-emptive, negative reaction based on their interpretation of the changes to com...

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Bibliographic Details
Published in:DSN Retailing Today 2001-10, Vol.40 (20), p.2
Main Author: Hutchison, Katherine
Format: Article
Language:English
Subjects:
Business conditions
Corporate profits
Department stores
Financial performance
Inventory
Market shares
Retail stores
Sport clothes
Stock prices
Strategic planning
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Summary:As Sears, Roebuck & Co. management prepares to meet with analysts October 24 to unveil the company's long-anticipated strategic plan, some observers say no big shakeup is in the works, while others have had a pre-emptive, negative reaction based on their interpretation of the changes to come. While Sears' same store sales for September fared worse than some of its mass market rivals, it escaped the double-digit plunges of department store and specialty chains such as Federated, May and Gap Inc. The company reported a 6.7% drop in comp sales for the month and a 6% decline in total revenue, but noted that its anticipated third quarter earnings of $0.80 per share actually would beat expectations by a few pennies and year-ago results by 5.3%. CEO Alan Lacy said that while monthly sales suffered more than usual due to September 11 events, Sears was able to maintain profit growth through effective management of operating costs and inventory. The domestic retail business saw solid earnings growth in the quarter, and credit performed well, with customer bankruptcies and delinquencies actually leveling off year over year.
ISSN:1935-7168