SEARS FY results
SEARS FY results
Sears has reported that for the fiscal year of 53 weeks ended February 3, 2007, total revenues were USD53,012 million, an increase of 8.4% compared with last year. For the year, domestic comparable store sales declined 3.7% in the aggregate, with Sears Domestic comparable store sales declining 6.1% and Kmart comparable store sales declining 0.6%. However, operating income increased by 18.8% to USD2,523 million. Net income was USD1.5 billion, compared with net income of USD858 million, for the fiscal year ended January 28, 2006. The full year results improved as compared to last year on the basis of strong second half margin performance within apparel, as well as improved expense management across all of the company's segments: Kmart, Sears Domestic and Sears Canada. "We are making progress as evidenced by our improved financial performance in fiscal 2006, but recognize we still have much work to do. Our improved apparel results are an indication of what can happen when we enhance our offerings and services to better meet customers' needs," said Aylwin Lewis, Sears Holdings' chief executive officer and president. The retailer also reported total revenues of USD16,288 million and a net income of USD820 million, for the fourth quarter, compared with net income of USD648 million for the year earlier period. For the quarter, domestic comparable store sales declined 3.1% in the aggregate, with Sears Domestic comparable store sales declining 4.9% and Kmart comparable store sales declining 0.9%. For the quarter the operating income amounted to USD1,399 million in comparison to USD1,530 million in Q4 2005 that profited from a USD317 million sale of business.