SEARS, ROEBUCK & CO.

              9/21/93 52-Wk-Rng FY/Q  EPS93  EPS94 PE94 NxtQtr LyQtr
Sears, Roebuc   56.25   58-40   12/3   3.85   4.10 13.7   0.70 -2.55 S

1.           No change in estimates of $3.85 and $4.10 for fiscal 1993 and
 1994, respectively.

2.           Strong apparel results continue to pace an impressive overall
sales performance in September. Sears continues to log an impressive sales
performance in the month of September.  It is estimated that sales for the
month, will rise 10% or more led by a continuing robust performance in apparel.
September results are particularly important for two reasons:  First, it
represents the first month in a succession of increasingly difficult
comparable-store sales comparisons.  (Comp-store sales rose in a range of 4%-8%
from September of 1992 to January of 1993, stimulated by heavy promotion.)
Second, September results will be the first to reflect an impact (albeit
partial) from Sears' impressive new softlines advertising campaign, which broke
last Sunday on the televised Emmy Awards and in national print media.  Given
the strong sales results of the past few months, a $0.70 per share
third-quarter earnings estimate (versus a loss of $2.55 in fiscal 1992) as
conservative.