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): June 17, 1999
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 Identification No.)
of 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 June 17, 1999, the Registrant issued the press release attached hereto
as Exhibit 99, which reports on Registrant's progress with its strategic
business initiatives.
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 apparel industry, changes in consumer
confidence, spending and preferences in apparel, consumer responses to changes
in advertising and other marketing efforts, general United States economic
conditions including interest rate fluctuations and trends in personal
bankruptcies, the availability of growth opportunities 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: June 29, 1999 By: /s/ Julian C. Day
Julian C. Day
Executive Vice President
and Chief Financial
Officer
EXHIBITS
99. Sears, Roebuck and Co. press release dated June 17, 1999.
E-1
EXHIBIT 99
CONTACT:
Sears Public Relations and Communications
(847) 286-8371
FOR IMMEDIATE RELEASE:
June 17, 1999
SEARS UPDATES BUSINESS, MARKETING INITIATIVES
NEW YORK, NY -- Sears, Roebuck and Co. (NYSE: S) executives today
updated financial analysts in a meeting held in New York on the company's
progress with its strategic business initiatives, including the key role of
Sears marketing transformation.
"Our plans to drive growth in revenue and profit during the second half
of this year and beyond remain on track," said Arthur C. Martinez, Sears
chairman and CEO. "We continue to build market share in key appliance and
home electronics categories. Our efforts to extend excitement and focus
around our apparel offerings, including the addition of private brand shops
and nationally known brands like Benetton USA. and Timberland are progressing
well. These will be complemented by Sears 'Exceptional Value' program, which
will showcase an outstanding combination of quality and value for our
customer."
The company is planning an August press event in Chicago to introduce
its new umbrella advertising campaign that will be launched early this fall.
The campaign is being created through a collaborative effort between Ogilvy &
Mather and Young & Rubicam, Sears two primary agencies.
According to Martinez, the growth of Sears hardware, dealer and The
Great Indoors specialty stores has continued in 1999 with exceptionally strong
same store sales. Sears cost containment program and strong cash flow have
enabled the company to repurchase approximately $600 million of its
outstanding shares since the first quarter of 1998, while also sustaining a
solid capital expenditure program.
In fall 1999, the company will introduce the Sears Premier Card,
providing Sears most frequent customers with enhanced features and benefits.
"We have made solid progress these past six months in restructuring our
marketing initiatives and processes," said Mark A. Cohen, Sears executive vice
president, Marketing. "The result of our marketing efforts will be evident in
the third and fourth quarters.
"We are integrating all marketing activities to better present a unified
view of Sears to our customers, and have significantly strengthened our value
messaging," Cohen said. "Our redesigned advertising will better represent all
businesses and brands and position Sears as a value-packed, fashionable
store."
The company also is making progress in its efforts to strengthen whole-
house marketing with compelling offers conveying Sears value proposition.
Promotional events, including Super Saturday, key holiday events such as
Memorial Day, and two-day sales, have resulted in significant sales increases,
and will continue throughout the year.
Sales of Nickelodeon's Blue's Clues apparel, merchandise exclusive to
Sears through the important back-to-school season, have exceeded expectations.
Sears partnership with Nickelodeon's Blue's Clues extends through 1999.
Sears is taking direct action to reach and appeal to younger customers
during back-to-school 1999 through its recently announced sponsorship of Sears
Presents Backstreet Boys Into The Millennium, a concert tour throughout the
U.S. and Canada by one of the world's greatest pop groups. The Backstreet
Boys will appear in Sears advertising and promotions to enhance Sears image as
a fun, compelling place to shop. The new Sears Pulse Card, a loyalty program
created to build a relationship with junior apparel purchasers, will give card
members frequently changing discounts and promotional offers tied to the
Backstreet Boys during the tour and to product specials throughout 1999.
Sears, Roebuck and Co. is a leading U.S. retailer of apparel, home and
automotive products and services, with annual revenues of more than $41
billion. The company serves families throughout the country through 850 full-
line department stores and more than 2,100 specialized retail locations. More
information about the company is available on Sears Web site,
http://www.sears.com.
