SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 2, 1998
SEARS, ROEBUCK AND CO.
(Exact name of registrant as specified in charter)
New York 1-416 36-1750680
(State or Other (Commission File Number) (IRS Employer
Jurisdiction of Identification No.)
Incorporation)
3333 Beverly Road, Hoffman Estates, Illinois 60179
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (847) 286-2500
Item 5. Other Events.
On December 2, 1998, the registrant issued the press release attached hereto as
Exhibit 99.
Certain of the statements contained in the attached press release are forward
looking and as such involve risks and uncertainties that could cause actual
results to differ materially. The registrant's forward looking statements
are based on assumptions about many important factors, including competitive
conditions in the retail industry, changes in consumer confidence, spending
and preferences in apparel, general United States economic conditions, including
interest rate fluctuations, trends in personal bankruptcies, and normal
business uncertainty. While the registrant believes that its assumptions are
reasonable, it cautions that it is impossible to predict the impact of certain
factors that could cause actual results to differ materially from predicted
results.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
The Exhibit Index on page E-1 is incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SEARS, ROEBUCK AND CO.
Date: December 1, 1998 By: /s/ Jeffrey N. Boyer
Jeffrey N. Boyer
Vice President and Controller
(Principal Accounting Officer and
duly authorized officer of
Registrant)
EXHIBITS
99. Sears, Roebuck and Co. press release dated December 2, 1998.
E-1
CONTACT:
William H. Parke
(847) 286-5998
FOR IMMEDIATE RELEASE:
December 2, 1998
SEARS DOMESTIC STORE REVENUES DECLINE FOR NOVEMBER 1998
Comparable Store Sales Down 3.6 Percent
HOFFMAN ESTATES, Ill. -- Sears, Roebuck and Co. said its total domestic
store revenues for the four weeks ending November 28, 1998 were $2.61
billion, 4.5 percent below revenues of $2.73 billion for the four weeks
ending November 29, 1997. Comparable domestic store revenues
decreased 3.6 percent, compared with a 0.6 percent decrease in the same
period a year ago.
"Although the overall sales trend in November was weaker than expected, we
experienced positive trends in certain categories of merchandise in our
full-line stores," said Chairman and Chief Executive Officer Arthur C.
Martinez. "In hardgoods, sales of appliances, lawn and garden equipment, and
hand and power tools were solid. In softgoods, women's special sizes,
jewelry and cosmetics and fragrances continued to show
positive results and housewares sales remained strong. Off the mall, our
hardware and dealer stores continued to perform well."
In comments today at a securities analyst conference, Martinez said that the
company expects earnings per share, adjusted for non-comparable items, to
increase at a low single-digit percentage rate in 1998 over adjusted earnings
per share of $3.27 in 1997.
"With most of the holiday season ahead of us, December presents a
significant opportunity for Sears," Martinez added. "Our stores are better
merchandised than ever, we have updated and intensified our holiday
advertising campaign, and our associates are ready to serve customers,
who will find that Sears is a wonderful gift destination."
For the four weeks ending November 28, Sears reported total revenues of
$3.49 billion, 3.2 percent below the $3.60 billion in the prior-
year period.
For the 43 weeks ending November 28, Sears reported total revenues of $32.34
billion, 1.5 percent above the $31.87 billion in the prior-year period.
Sears, Roebuck and Co.
4 Weeks 43 Weeks
1998 Revenues $3,488,300,000 $32,343,500,000
1997 Revenues 3,601,900,000 31,872,900,000
Change (113,600,000) 470,600,000
Percent Change (3.2%) 1.5%
Comparable Domestic
Stores Percent Change (3.6%) 1.1%
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