Sears's profit plunges 99%

Posted Nov 29th 2007 6:12AM by Melly Alazraki
Filed under: Before the Bell, Earnings Reports, Sears Holdings (SHLD)

Sears Holdings Corporation (NASDAQ: SHLD)'s profit plunged 99% to $2 million or a penny per share from $196 million, $1.27 a share, as sales declined and margins plummeted. (Excluding one time gains, income in the same quarter last year was 85 cents per share).

Sales for the quarter slipped 3% to $11.5 billion from $11.9 billion in the fiscal 2006 period.

The results widely missed the 50 cents per share consensus estimate of analysts surveyed by Thomson Financial.

Moreover, Sears also warned it expects difficult economic conditions to persist in the near-term, affecting sales and gross margin through the rest of the year.

Tags: inthenews, sears holdings, SearsHoldings, shld

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Reader Comments (Page 1 of 1)

12-02-2007 @ 12:00AM

amicusceo said...

I worked for sears and they deserve to lose alot more. Eddie Lambert's statement to sears employees was "make more money". Nothing about taking care of the employees who deal with the customers every day. Five years and not one raise, five years and reviews were always the same. Their responce was "if you want a raise then sell more" "No One at sears gets 5 on their reviews" 1-5 basis, thats what we were told. It seems the management at sears has forgotten the founders purpose for being in business. I've sent E-mails to Mr. Carr VP of sales and operations about the problems they have and I got fired for a policy violation thats not in the policy. Sears has real Management problems.