Sears Holding reported a slimmer Q3 loss compared to a yeaer ago. The company had a net loss of $127 million in 2009 compared to a net loss of $146 million in 2008. Net sales were down 4.4% in the quarter as a result of a 2.3% decrease in comparable store sales.
Sears Holdings announced that it lost 79 cents/share in Q2 2009. The net loss for the company was $94 and sales dropped 10.6%.
SHLD reported a $26 million profit, or 21 cents/share, in the first quarter of 2009. This is compared to the net loss of $56 million during the same period in 2008.
In Q4 of FY2008 (ended Jan 31, 2009), SHLD reported earnings of $190 million, a 55% decline from that of the previous-year quarter. Comparable store sales for domestic stores were down 8.3%, due to lower demand for its home applicance and household goods due to the weak housing market and a general reduction in consumer discretionary spending.
SHLD experienced a 7.3% drop in same-store sales, blaming the slumping housing market and a lack of availability of consumer credit.
SHLD, despite reporting a net loss for Q3 due to sagging sales, announces it will increase its share buyback budget by $500 million.
Sears reported a 62% decline in net income during the second quarter of 2008, as net sales decreased 4.1%. Net earnings per share were $0.50 for Q2 FY08, down from $1.15 per share in Q2 FY07, but above analyst expectations for EPS of $0.33, largely because of a one time reserve gain unrelated to Sears' regular business.
Sears Holdings reported that sales in the first quarter of fiscal 2008 fell 5.8% to just over $11 billion as comparable store sales across the company's retail chains fell 8.6% in the quarter. The retailer posted a net loss of $56 million, due to increased markdowns and promotional activity in the face of falling sales. While analysts had been expecting profit of approximately $0.21 per share, the company's results translated to a loss of $0.43 per share.
Amidst speculation of lower consumer spending that originated some time in early 2007, Sears Chairman Edward Lampert has hinted towards Sears’ plans to reduce costs and the size of its work force in the near future.
Sears Holdings announced on Jan. 22nd that the corporation would be re-organized into five business units: operational businesses, support, brands, online and real estate. The company hopes that the restructuring will help the struggling retailer to re-vitalize its various operations.
Sears reported that its domestic same-store sales fell 3.5% during the holidays. It attributed the weak sales to Kmart seasonal categories and Sears apparel and tools.
Sears today announced results from a very unsuccessful third quarter of fiscal 2007. Operating income for the quarter fell 83% to $46 million (compared to the same quarter of 2006) which was earned on $11.5 billion of sales. Total sales for the quarter decreased 3.3% compared with the same quarter of 2006 and domestic same store sales decreased 4.6%. Sears attributed its fall in profit to high inventory costs and margin pressure caused by lower than expected sales. Sears management admitted that some of the failures of the quarter was a result of poor decisions and not just due to the poor retailing circumstances caused by the subprime lending crisis.
Sears Announces dismal same store sales growth and overall sales grow
This decrease in price was a result of an announcement before the shareholder meeting that same-store sales had decreased by 4.7% in Kmart and 2.4% in Sears. The company also predicted first quarter earnings to be between $1.03 and $1.26, well below Wall Street's $1.46 expectation.
Sears' fourth quarter earnings increased by 27% ; Lampert has increased earnings by decreasing discounts, closing unprofitable locations, and increasing margins on apparel and home services.
Shares were down to 169.99 from 176.45. This decrease in share price was a result of a failed attempt to purchase the remaining outstanding common shares of Sears Canada. However, this offer expired as there was no interest in the overture by shareholders to sell back the remaining 30% stake in the company.
