Sears Holdings Reports $56 Million Loss for Q1Sears Holdings Corp. this morning reported a first quarter loss of $56 million, compared with a loss of $223 million in the year-ago period. Sales for the period fell 5.8 percent to $11.1 billion from last year’s $11.7 billion.
Same-store sales at Sears stores declined 9.8 percent while Kmart stores declined 8.6 percent.
Sears Canada Q1 Sales +3%
5.28.08 Sears Canada Inc. today announced its unaudited first quarter results. Total revenues for the 13-week period ended May 3, 2008 were $1.254 billion compared to $1.219 billion for the 13-week period ended March 31, 2007, an increase of 2.9 percent. Same store sales, for the 13-week period ending May 3, 2008 compared to the 13-week period ending May 5, 2007, decreased 1.9 percent.
Net earnings for the quarter, excluding unusual items, were $34.8 million or 33 cents per share compared to $5.0 million or 4 cents per share for the first quarter last year, which ended March 31, 2007. Net earnings for the quarter, including unusual items, were $63.1 million or 59 cents per share compared to $14.3 million or 13 cents per share in the first quarter last year, which ended March 31, 2007.
The full financial report is here.
Sears Holdings Opens New DC
Sears Holdings Corporation today announced the grand opening of a new 811,672 sq. ft. direct delivery center in Jacksonville, Fla. The facility will distribute home appliances, tractors, TV's and other large ticket items to local warehouses at over 112 Sears and Kmart store locations in Florida, Georgia, South Carolina, Virgin Islands and Puerto Rico.
The full press release is here.
Sears Holdings Opens New DC
4.30.08 Sears Holdings Corporation today in a press release announced the grand opening of a new 1,000,000 sq. ft. direct delivery center in Gouldsboro, PA.
“The facility is an important part of the company's supply chain and will distribute home appliances, tractors, TV's and other large ticket items to local warehouses at over 300 Sears and Kmart store locations in Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Pennsylvania, Delaware, Maryland, Virginia, and North Carolina,” according to the release.
Sears Holdings Offering 10% Bonus for Stimulus Checks
4.16.08 Sears Holdings Corporation has announced plans to offer a 10 percent bonus to every customer who converts their government stimulus checks into gift cards at Sears or Kmart.
When customers bring their stimulus checks to a Sears or Kmart cash register, they can convert the amount of the check into gift cards, plus receive a bonus gift card worth an additional 10 percent.
The full press release is here.
Sears Names Two Key Execs
3.28.08 Sears Holdings Corp. yesterday named John W. Froman as president of tools and lawn and garden operations.
Froman most recently served as chief executive of Namco LLC, a regional chain of family recreation superstores, and previously was chief operating officer of Circuit City Stores Inc.
Also, the company promoted Douglas T. Moore to the position of senior vice president and president, appliances. Moore started with the company in June 2007 as senior vice president of hardlines merchandising, following 17 years at Circuit City.
The full press release is here.
Sears Income Falls 47%
2.28.08 Sears Holdings Corp. today announced fiscal 2008 fourth quarter net income fell 47 percent to $426 million from $811 million in the year-ago period. For the full year, net income fell 45 percent to $826 million from last year’s $1.492 billion.
Total sales for the quarter fell to $15.074 billion from $16.182 billion. For the full fiscal year, sales declined to $50.703 billion in fiscal 2008 from $53.016 billion in 2007.
The full financial report is here.
Sears Holdings Adds to Board
2.21.08 Sears Holdings Corporation has announced the election of Kevin B. Rollins, 55, former president and chief executive officer of Dell, Inc. and currently a senior adviser to the private investment firm TPG Capital, L.P. (formerly Texas Pacific Group), to membership on the Sears Holdings board. His election increases the number of Sears Holdings' directors to 8.
"Kevin Rollins is an accomplished businessman whose experience leading a company in Fortune's top 50 will be invaluable as we continue to implement Sears Holdings' revised organizational and internal management structure. The Board of Directors looks forward to his advice and contributions," said Sears Holdings Corporation Chairman Edward S. Lampert.
The full press release is here.
Sears Holdings Cutting 200 Jobs
2.13.08 Sears Holdings Corp., parent company of Sears and Kmart, is reportedly eliminating approximately 200 positions at its headquarters, or about four percent of the 5,000 workers employed there.
Sears to Pay Former CEO Through March, 2010
1.31.08 Sears Holdings Corp. today, in a filing with the SEC, reported that Aylwin B. Lewis, who will leave the company as President and Chief Executive Officer as of February 2, 2008, “will receive (1) his annual base salary of $1,000,000 through March 24, 2010, (2) continued benefits in accordance with applicable health and welfare plans, and (3) accelerated vesting of his one remaining unvested equity award installment (which consists of (a) an option to purchase 37,500 shares of stock at an exercise price of $88.62 per share, and (b) 16,926 shares of restricted stock), which was granted in 2004.”
The SEC document is here.
Sears CEO Steps Down
1.28.08 Sears Holdings Corporation said today its board of directors appointed W. Bruce Johnson, executive vice president, supply chain and operations, to the additional role of interim chief executive officer and president. Mr. Johnson will replace Aylwin B. Lewis, currently president and chief executive officer, who will leave the company as of February 2, 2008, at the end of the company's fiscal year. Mr. Lewis will also step down from the Sears Holdings board of directors at that time. Sears will immediately commence a formal search to identify a permanent chief executive officer.
Edward S. Lampert, chairman of Sears Holdings said, "We are entering a new phase in Sears' evolution as a multi-channel retailer, as reflected by the new operational structure we recently announced, and the board has determined that now is the right time to put in place new leadership to take the company forward.”
Sears Holdings to Reorganize Business Units
1.22.08 Sears Holdings Corp. is working on a plan to change its organizational structure to provide “greater control, authority and autonomy” to its various operating businesses, according to reports.
As first reported in the Wall Street Journal, the reorganization may establish separate units to manage real estate and oversee brands such as Diehard and Craftsman.
The reorganization is also seen as a move to make it easier to sell off parts of the company if management decides to go in that direction. The full press release is here.
Sears Same-Store Holiday Sales Down, Expects 4Q Net to Drop
1.14.08 Sears Holdings Corporation on Monday announced domestic same-store sales for the nine-week period ended January 5, 2008 for its Kmart and Sears stores. Sears Domestic's same-store sales declined by 2.8 percent during the nine-week period, while Kmart's same-store sales declined by 4.2 percent. Total domestic same-store sales declined 3.5 percent for the nine-week period.
The company also said it expects that net income for the fourth quarter ending February 2, 2008 will be between $350 million and $470 million. In the fourth quarter of the prior year, the company reported net income of $820 million.
The full report is here.
Sears to Carry Snapper Mowers
1.8.08 Beginning this spring, Sears becomes the exclusive national retailer to sell the Snapper brand of lawn equipment, according to a press release. The Snapper branded products to be carried at Sears stores nationwide include three new self-propelled walk behind mowers, two new lawn tractors and a new zero turn riding mower.
"As the leading retailer of powered lawn and garden equipment, we're very pleased to add another all-star brand to our roster," said Jeff Rothe, vice president and general merchandise manager for Sears Holdings. "Now consumers have both Craftsman, the nation's leading and most trusted brand, and Snapper, to select from when shopping at Sears for their lawnmower and tractor needs."
Sears Holdings Adopts Policy Aimed at Reducing PVC
12.12.07 Sears Holdings Corporation today announced it will begin working to reduce and phase out the use of Polyvinyl Chloride (PVC) in its packaging and merchandise. The company adopted a policy aimed at identifying more sustainable choices, “given the potential health and environmental risks tied to the manufacture, use and disposal of PVC.”
Full details of the new policy are here.
Sears Holdings 3Q Income Falls to $2 Million from $196 Million
11.29.07 Sears Holdings Corp. today reported net income for the third quarter ended November 3, 2007 fell 99 percent to $2 million versus net income of $196 million in the year-ago period. The 2006 third quarter results included $101 million in pre-tax gains on total return swap investments.
Total revenues for the quarter fell three percent to $11.5 billion from last year’s $11.9 billion.
Sears Domestic same-store sales fell 4.2 percent in the quarter and Kmart same-store sales declined 5.0 percent.
Sears Holdings financial reports are here.
Sears Buys 14% Stake in Restoration Hardware
11.20.07 Sears Holdings Corp., the parent company of Sears and Kmart, has acquired a 13.9 percent stake in Restoration Hardware by investing $30.2 million to buy 5.3 million shares. According to a filing with the Securities and Exchange Commission yesterday, Sears is investigating “the desirability of proposing an acquisition.”
The move comes quick on the heels of a November 8 offer by private equity firm Catterton Partners to purchase all Restoration shares at $6.70 per share, or $267 million. Restoration’s shareholders have not yet approved that proposal.
Shares of Restoration Hardware jumped 18 percent in after-hours trading Monday to $7.46.
The SEC 13D filing is here.
Zacks Says Sell Sears, Lowe’s
11.08.07 Zacks Investor Services has assigned its strongest “Sell Now” ranking to Sears Holdings and its “Sell” ranking on the stock of Lowe’s Corp.
In both cases, the reasoning behind the rankings is a drop in analysts’ earnings estimates. More information on Zacks and its recommendations is at www.zacks.com.
Sears Names SVP for CRM
10.31.07 Sears Holdings Corp. has announced that Louis Ramery will join the company as senior vice president, customer relationship marketing (CRM) for Sears and Kmart. Ramery comes to Sears Holdings from Digitas, where he led that firm's global Marketing Capability, its Loyalty and CRM practice and served as a Relationship Leader on key accounts.
He will report to Maureen McGuire, Sears Holdings' Chief Marketing Officer.
Sears Canada Sales Down, Earnings Up on Special Items
10.26.07 Sears Canada today announced that total revenues for the 13-week period ended September 29, 2007 were C$1.368 billion compared to C$1.409 billion for the 13 weeks ended September 30, 2006, a decrease of 2.9 percent. Same store sales decreased 3.6 percent.
Net earnings for the third quarter, including unusual items, were $105.2 million compared to $37.8 million in the same quarter last year, an increase in earnings of 178 percent. Excluding unusual items, earnings were up 15 percent.
Unusual items in the third quarter of C$58.0 million were principally related to property transactions including the Company's headquarters building.
The full financial report is here:.
Sears Consolidates Payment
10.09.07 Chase Paymentech has announced an expanded, multi-year contract to provide payment-processing services for all Sears Holdings Corporation retail businesses, which include Sears, Kmart and Lands' End.
“Sears wished to consolidate all payments acceptance to take advantage of Chase Paymentech's state-of-the-art payments technologies, providing the combined retailers with improved payment speed and superior business reporting,” according to a press release.
Sears “Wish Book” Catalog is Back, with DIY Section
10.04.07 Sears has announced that the Sears Wish Book Catalog will be available to consumers this month – marking the first appearance of the holiday catalog in 14 years.The new 188-page version of the gift catalog features selections from all product categories, including a special section on “Gifts for the Do-it-Yourselfer.”
The full press release is here.
Sears Holdings Names CFO
9.10.97 Sears Holdings Corporation has announced that J. Miles Reidy will join the company as executive vice president, chief financial officer in October 2007. William C. Crowley, executive vice president, chief administrative officer and a member of Sears Holdings' board of directors, has been serving as chief financial officer on an interim basis. Mr. Reidy will report to Mr. Crowley.
Mr. Reidy joins Sears Holdings from Capital One Financial Corp., where he served in a number of senior financial and planning positions with increasing responsibility, including chief financial officer of the company's credit card division.
Sears Holdings Reports Second Quarter Results
8.30.07 Sears Holdings Corporation today reported net income of $176 million, or $1.17 per diluted share, for the second quarter ended August 4, 2007, compared with net income of $294 million, or $1.88 per diluted share, for the second quarter ended July 29, 2006
"We are disappointed with our second quarter results. Our gross margins came under pressure from sales declines and increased promotional activity, and as a result, our net income was significantly below last year and our expectations," said Aylwin Lewis, Sears Holdings' chief executive officer and president.
Sears Domestic's comparable store sales declined 4.3% for the quarter, while Kmart's comparable store sales declined 3.8%. Total domestic comparable store sales declined 4.1%. For the quarter, total revenues declined $0.6 billion to $12.2 billion in fiscal 2007, as compared to $12.8 billion for the second quarter of fiscal 2006.
Sears Holdings 2Q Same-Store Sales Down 4%
8.13.07 Sears Holdings Corp. today announced that second quarter same-store sales for its Kmart stores declined 3.8 percent and Sears stores declined 4.3 percent.
Also, the company said it now expects net income for the second quarter to be between $170 million and $185 million versus $294 million in the year-ago period.
The full company press release is here.
New Marketing Chief for Sears
7.18.07 Sears Holdings Corp. today announced the appointment of Richard Gerstein to the position of Chief Marketing Officer for its Sears subsidiary. He will report to Maureen McGuire, Chief Marketing Officer of Sears Holdings.
Gerstein most recently served as Chief Marketing Officer at Alberto Culver Beauty. He will be responsible for all Sears brand marketing strategies and programs.
Sears Lowers 2Q Outlook
Sears Holdings Corp. today announced same-store sales for its Kmart stores fell 3.9 percent and Sears stores fell 4.0 percent for the first nine weeks of the second fiscal quarter. In light of those sales results, the company now predicts second quarter income for the period ending August 4, 2007 will be between $160 million and $200 million. Net income in the year-ago second quarter was $294 million.
“Our recent performance underscores our ongoing need to become more relevant to consumers while improving our discipline around expense management,” said Aylwin Lewis, CEO.
Sears 1Q Sales Decline,
5.31.07 Sears Holdings Corp. today announced first fiscal quarter net income of $216 million, an increase of 20 percent over $180 million in the year-ago period. The gain was largely due to a number of one-time items applied to the quarterly results.
Total revenue in the quarter declined 2.5 percent to $11.7 billion versus $12.0 billion a year ago.
Same-store sales fell 3.9 percent in the period, with Sears stores down 3.4 percent and Kmart down 4.4 percent.
The retailer pointed to rising energy costs and a slower housing market as factors in the sliding sales. “However, as an organization, we need to overcome these factors by better controlling costs and developing innovative solutions that better meet our customers needs and allow us to generate a more reasonable level of profitability,” said President and CEO Aylwin Lewis in a press release.
Sears Selects New Media Buyer
5.24.07 Sears Holdings Corp. has announced that it has chosen MPG as the company’s new media planning and buying agency of record effective May 23, 2007.
“We believe this agreement with MPG aligns us with an organization that can help us connect with and profitably serve our customers and achieve our goals of being a more efficient and effective company,” said Maureen McGuire, chief marketing officer.
Sears 1Q Sales Down
5.4.07 Sears Holdings Corp. announced late Thursday that same-store sales fell 2.4 percent at its Sears stores and were down 4.2 percent at its Kmart stores during the first fiscal quarter ending May 5, 2007.
The retailer said it expects to report net income of between $200 million and $235 million for the quarter, compared with net income of $180 million in the year-ago period.
Kmart Names New Agency
4.19.07 Kmart has announced that it has chosen Draftfcb as its new advertising agency of record effective May 1, 2007. The agency will handle all TV, radio, and magazine advertising as well as customer analysis and strategy, data analysis, customer relationship marketing and branding.
Sears 4Q Profits +27%
3.1.07 Sears Holding Corp. reported today that its fourth quarter earnings rose 27 percent to $820 million from $648 million in the year-ago period. Revenue for the period rose just 1 percent to $16.29 billion from $16.09 billion.
Same-store sales in the quarter fell a total of 3.1 percent, with Sears stores off 4.9 percent and Kmart off 0.9 percent.
For the fiscal year, net income increased 74 percent to $1.49 billion from $858 million a year ago. Revenue for the year fell 10 percent to $49.12 billion from $54.26 billion the previous year.
Sears CFO Resigns After Just Five Months
1.22.07 Sears Holdings Corp. announced over the weekend that Craig T. Monaghan, chief financial officer, will leave at the end of the month after spending less than five months on the job. Monaghan came to Sears on September 1, 2006 from AutoNation, where he was EVP and CFO.
William C. Crowley, chief administration officer, will assume the additional role of chief financial officer until a permanent replacement is found.
Sears Names John Walden “Chief Customer Officer”
1.18.07 Sears Holdings Corp. yesterday named John C. Walden to the new position of executive vice president and chief customer officer, effective January 29. He will have services, marketing and direct commerce businesses reporting to him and will be responsible for driving customer-focused strategies and new business development.
He comes to Sears after eight years with Best Buy, where he is credited with having lead that retailer’s move toward becoming a more “customer-centric” organization.
Sears 4Q Sales Down, But Income Expected to Rise
1.11.06 Sears Holdings Corp. yesterday reported that same-store sales fell in November and December, but that it expects to top expectations for fourth quarter and full-year profits.
Same-store sales for the first two months of the quarter are down 1.2 percent at Kmart stores and down 5.6 percent at Sears stores.
But for the fourth quarter ending February 3, the retailer is forecasting net income will climb to between $750 million and $830 million from $648 million in the year-ago period.
For the full year, the company is now projecting a profit of between $1.42 billion and $1.5 billion.
Sears 3Q Profits Triple on Investments as Sales Slide
11.16.06 Sears Holdings Corp. this morning reported third quarter profits tripled to $196 million from $58 million in the year-ago period. Results included $101 million of income from the company’s investment of a portion of its surplus cash.
Revenues for the quarter fell to $11.9 billion from $12.2 billion last year. Same-store sales fell 4.8 percent at Sears stores and 0.7 percent at Kmart stores.