July 11, 2007 |
Sears Holdings Corp. forecast lower quarterly profit Tuesday and said it needed to better control its costs and stock more items that its shoppers demand, sending shares down 10%. The company, which runs the Sears and Kmart chains, also said its board had approved the repurchase of as much as an additional $1 billion of common stock. Under the control of hedge fund manager Edward Lampert, Sears has been seen as much as a financial stock as a retail stock.
HOME & GARDEN
June 7, 2007 |
THERE is a breed of stealth catalog that slips into the house camouflaged against Restoration Hardware or Pottery Barn. Close examination reveals that the slick, full-color pages do not feature $1,299 beds and $1,599 dining tables, but something decidedly of the Target-Home Depot vein. Simply Indoors does that. It might be Page 14 or 18 of the Spring 2007 edition before a browser is stopped short. ("Is that not a duvet The catalog represents the stylish side of Sears, such as it is.
November 17, 2006 |
Sears Holdings Corp. said Thursday that it more than tripled its third-quarter profit on a big investment gain and the benefits of cost-cutting, but sales at its Kmart and Sears stores spiraled ever lower and the results disappointed Wall Street. The latest evidence of spending cutbacks and fewer customers comes amid widespread speculation that Chairman Edward Lampert, the hedge fund operator who acquired Kmart Corp. in 2003 and Sears, Roebuck & Co.
June 20, 2006 |
Two former executives of a defunct Santa Monica ad-placement company were convicted of stealing $31 million that Sears, Roebuck & Co. paid for radio and television advertising. Thomas Edward Rubin, 58, and Thomas Patrick Sullivan, 64, were convicted in federal court in Los Angeles of mail and wire fraud and conspiracy to commit fraud and bankruptcy fraud, Assistant U.S. Atty. Ranee Katzenstein said. The maximum penalty for one count of mail or wire fraud is 20 years in prison, she said.
March 16, 2006 |
Sears Holdings Corp. overcame a steep sales drop-off at its namesake department stores to more than double its fiscal fourth-quarter profit, saying Wednesday that it benefited from continued cost cutting and the addition of Sears' results to Kmart's. Net income for the quarter ended Jan. 28 was $648 million, or $4.03 a share, up from $309 million, or $3.09, a year earlier. That easily exceeded the consensus estimate of analysts surveyed by Thomson Financial, who had pegged earnings at $3.
October 20, 2005 |
RETAIL Edward Lampert, the billionaire chairman of Sears Holdings Corp., isn't going to be chief marketer and merchandiser of the nation's No. 3 retailer after all. Sears Holdings Corp. named new executives in charge of marketing and customer strategy for its Sears Roebuck and Kmart stores and Lands' End clothing business and said its chief merchant, Luis Padilla, is leaving the company for reasons that weren't disclosed.