August 29, 2008 |
Beleaguered retailer Sears Holdings Corp. reported a hefty drop in fiscal second-quarter profit as sales slumped, despite a restructuring aimed at drawing back shoppers who've taken their checkbooks elsewhere. The company led by financier Edward Lampert also delivered a downbeat outlook, predicting that sales and gross profit margins will face continued pressure from the sluggish economy. Hoffman Estates, Ill.-based Sears said it earned $65 million, or 50 cents a share, in the quarter that ended Aug. 2, down 62% from a profit of $173 million, or $1.15, a year earlier.
February 29, 2008 |
Sears Holdings Corp., the biggest U.S. department store company, said fiscal fourth-quarter profit plunged 47%, and Chairman Edward Lampert vowed to rein in costs and cut inventory. Net income dropped to $426 million, or $3.17 a share, in the three months that ended Feb. 2, the Hoffman Estates, Ill.- based company said. A year earlier, profit was $811 million, or $5.27 a share. Sales in the quarter declined 6.8% to $15.1 billion. "I'm not sure that there's anybody out there who says, 'Sears or Kmart is my favorite place to shop,' " said David Keuler, a money manager at Mason Street Advisors.
August 28, 2009 |
Eight years after getting out of cosmetics business, Sears is jumping back in, banking that the high-margin sector can give the retailer a much-needed profit boost. The flagship brand of Sears Holdings Corp. is opening full-service beauty counters at 13 Sears stores in Chicago, Los Angeles and New York this week. The goal is to roll out the beauty business to 100 locations next year and, if all goes well, expand to as many as 400 of its 852 Sears department stores by 2012, said Andrea Goldner, Sears' merchandise manager for cosmetics.
March 23, 2006 |
Minutes after securing final approval for combining Kmart and Sears last year, Edward Lampert pledged to transform the two faded retail icons into "a great company." But he didn't offer any blueprint for how he'd do it. Twelve months later, approaching Friday's anniversary of the unlikely pairing that created Sears Holdings Corp., industry experts are still trying to figure out just what the billionaire chairman has in mind for the struggling store brands.
November 20, 2007 |
Sears Holdings Corp., the department store company run by investor Edward Lampert, said it bought a 13.7% stake in Restoration Hardware Inc. Sears disclosed the stake in a regulatory filing and said it held talks with company executives regarding a possible business combination. Restoration Hardware, a Corte Madera, Calif.-based home furnishings chain, agreed to be acquired last week by buyout firm Catterton Partners for $267 million.
November 13, 2008 |
Sears Holdings Corp. is bringing layaway back to its namesake stores next week, nearly two decades after it was scrapped, after seeing a strong response to the pay-as-you-go plan at its Kmart locations. The move comes as shoppers look for ways to save money during what's expected to be the worst holiday shopping season in decades. Layaway will be available beginning Sunday in virtually all Sears departments except home appliances and home electronics.