MEMO: SEARS PRESIDENT HOLDS PARTY WITH INVESTORS

Sears, Roebuck & Co.'s new president and chief executive held a party of sorts with investors Wednesday, offering a first hint on how he will shape the retailer's future.

After six weeks at the head of the nation's No. 4 largest retailer, Alan J. Lacy said a top priority is improving the profitability of Sears' overall retail business, which is lagging behind its competitors. With 860 full-line stores and 2,100 specialty stores, the category accounts for $29 billion, or 75 percent, of Sears' overall sales.