Apparel sales were 2% to 4% higher during the second quarter for Sears stores carrying Lands’ End products than for those not featuring the brand.
The retailer plans to roll out Lands’ End clothing in all of its stores by the end of the year. Sears acquired the cataloger in June 2002.
Sears’ retail and related services division posted operating income of $183 million for the second quarter of 2003 ended June 28, compared to operating income of $300 million for the second quarter of 2002. The company said the decrease reflected lower gross margins on store sales thanks to clearance activity and a “highly promotional” retail environment.
Second quarter revenues were $7.8 billion, a 0.9% increase over the same period last year. A revenue increase from the addition of Lands’ End was partially offset by revenue decreases in retail stores. Comparable store sales for the quarter dropped 3.5%.
For the quarter, Sears, Roebuck and Co. posted net income of $309 million, compared with net income of $229 million in the second quarter of 2002.
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