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Sears Updates Segment Reporting; Adopts New Accounting Standard
Resulting In One-Time Non-Cash Charge Of $520 Million In Second Quarter
HOFFMAN ESTATES, Ill., April 12 /PRNewswire/ -- Sears, Roebuck and Co.
(NYSE: S) announced total domestic store revenues for the five weeks ending
April 7, 2001 were $2.56 billion. Comparable domestic store revenues
decreased 5.3 percent. Total domestic store revenues decreased 5.1 percent
compared with $2.7 billion for the five weeks ending April 8, 2000.
"March retail sales fell below expectations, with the slowing economy and
colder than anticipated weather having an impact on both our hardlines and
softlines businesses," said Chairman and Chief Executive Officer Alan J. Lacy.
"Weather-related seasonal apparel and lawn and garden merchandise accounted
for over one-third of the comparable store sales decline. Among the better
performing businesses was Home Appliances, which continues to gain market
share. The Great......
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Title: Sears New Release
Approximate Word Count: 4260
Approximate Pages: 18 (250 words per double-spaced page)
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Sears New Release
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