|
Sears Posts Worst Report Of a Bad Lot In Retailing
[NY Times] The slide continued on Thursday for the deeply troubled Sears Holdings, whose dismal earnings report not only lacked signs of improvement but also laid bare how few options the company had left.Other retailers also reported mostly disappointing earnings, reflecting a poor year's start under prolonged inclement weather; the strains of stagnant incomes, especially among lower- and middle-income consumers; and a sagging consumer electronics market. But Sears Holdings, owner of Sears and Kmart stores, was once again the bleakest of the lackluster reports. It announced that it would close at least 80 stores this year, a downsizing move it has made in previous years without significant results. And, the company posted a loss of $402 million in its first fiscal quarter, significantly worse than its loss of $279 million a year earlier. Revenue fell 6.8 percent. "We are watching the slow liquidation of Sears Holdings," said Brian Sozzi, chief executive of Belus Capital Advisors.
Posted by: Fred 2014-05-23 |
|
| http://www.rantburg.com/poparticle.php?ID=391718 |