No improvement in sight

Sears announces fourth-quarter sales down by 8.4 per cent to US $ 11.229 bn (€ 8.611 bn) over the same period in the previous year, which did however comprise 14 weeks instead of 13. Net retail sales excluding credit business were 4.6 per cent down to US $ 11.105 bn (€ 8.516 bn). Like-for-like sales in the US declined by 0.2 per cent. For the entire 2004 fiscal year in the US (to 1 January 2005) Sears reports a 12.2 per cent deficit on total sales including credit business of US $ 36.099 bn (€ 27.685 bn). By contrast, retail sales declined by only 1.8 per cent to US $ 35.718 bn (€ 27.393 bn).