Sears' stock extends slide, plunges 12.5% after tumbling 12.5% on Thursday
Sears' stock extends slide, plunges 12.5% after tumbling 12.5% on Thursday
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Sears' stock extends slide, plunges 12.5% after tumbling 12.5% on Thursday
Sears' stock falls 0.4%%, after tumbling 12.5% on Thursday
Sears Holdings Corp. said Thursday that it plans to close another 72 stores it has deemed unprofitable, as the company continues to struggle with falling sales. Sears has been closing hundreds of stores in recent years, selling brands and spinning off divisions to stay afloat as losses have mounted and as it struggles to keep its customers away from Walmart Inc., Amazon.com Inc.
Sears' stock extends slide, plunges 11% premarket after Q1 results
Shares of Sears Holdings Corp. shed 3.4% in premarket trade Thursday, after the struggling department store chain swung to a fiscal first-quarter loss and revenue fell sharply, amid store closures and a sharp decline in same-store sales. The net loss for the quarter ended May 5 was $424 million, or $3.93 a share, after a profit of $245 million, or $2.29 a share, in the same period a year ago. Revenue dropped to $2.89 billion from $4.20 billion, with store closures accounting for about two-thirds of the decline. Same-store sales fell 11.9%, as Kmart store sales declined 9.5% and Sears store sales dropped 13.4%. The company had utilized $994 million of its $1.5 billion revolving credit facility due in 2020 as of May 5, while total cash balances were $466 million. "To support our transformation efforts, we continue to take important, proactive steps to address our capital structure, enhance our liquidity position and provide the Company with additional financial flexibility," said Chief Financial Officer Rob Rieker. Sears said it identified 100 non-profitable stores, and will begin closing 72 of those stores "in the near future." The stock has tumbled 56.6% over the past 12 months through Wednesday, while the SPDR S&P Retail ETF has climbed 16.0% and the S&P 500 has gained 13.0%.
Sears' stock falls 3.4% after Q1 results
Shares of Sears Holdings Corp. rallied 2.3% in premarket trade Tuesday, after ESL Investments Inc., which has proposed to buy certain assets of the troubled department store chain, said it has received "numerous" inquiries from potential partners in a deal. ESL, the hedge fund run by Sears' Chief Executive Eddie Lampert, said it asked Sears to reconsider the limits it has placed on ESL's ability to engage with potential partners for a deal. Since ESL made its proposal on April 20, ESL said there has been a "significant increase" in the price for Sears' unsecured debt that would make certain debt repurchases and debt-for-equity exchanges less attractive. "We wanted to emphasize that finding an appropriate partner soon will be a critical factor that will materially impact any definitive proposal that we are able to make," ESL said in a letter to Sears' board of directors. "Specifically, we believe that our ability to execute the ESL Proposal depends on our ability to engage with partners that can provide strategic and/or management experience to these businesses." Sears' stock has lost 2.5% year to date through Friday, while the SPDR S&P Retail ETF has gained 3.3% and the S&P 500 has tacked on 1.8%.
Sears shares jump 6% in early trade
Citi Retail Services and Sears Holdings Inc. said Monday they are extending their 15-year, co-brand and private label credit card program and making changes to the rewards program. Cardholders will now get 5% back in points on eligible purchases made at gas stations, will get 3% back in points on eligible purchases at grocery stores and restaurants and 2% back in points on eligible purchases made at Sears and Kmart, among other changes. As part of the agreement, Sears will receive $425 million from Citi, $400 million of which has already been received. Sears shares were slightly lower premarket, and are down 54% in the last 12 months, while the S&P 500 has gained 14%.
Sears to receive $425 mln as part of Citi Retail deal
Citi Retail and Sears to extend co-brad, private label credit card agreement
Sears Holdings Corp. shares jumped 13.2% in Monday premarket trading after the struggling retailer announced it would begin the formal process of exploring a sale of assets including the Kenmore brand. ESL Investments Inc., the hedge fund run by Sears Chief Executive Eddie Lampert, previously sent a letter saying it would buy the assets. ESL is also a major shareholder in Sears. The board is establishing a special committee comprised of independent directors to evaluate ESL's proposal, entertain third-party interest and explore other alternatives. There are no assurances of a sale to ESL or any other third-party, the company said. Sears shares are down 64% for the last 12 months while the S&P 500 index is up 14.1% for the period.
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Sears Holdings Corporation (SHLD) Q1 2018 Results - Earnings Call Transcript
A bigger-than-expected loss and the closing of more stores sent Sears stock down sharply Thursday morning.
Sears Holdings Corporation 2018 Q1 - Results - Earnings Call Slides
Sears Holdings (SHLD) stock was trading 10.3% lower at 7:33 AM EST after announcing its first-quarter earnings today.
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Sears Holdings Corp. engages in the provision of retail stores, through its subsidiaries. It operates through two segments: Kmart and Sears Domestic. The Kmart segment offers consumer electronics, seasonal merchandise, outdoor living, toys, lawn and garden equipment, food and consumables, and apparel. The Sears Domestic segment involves in line stores specialty stores, commercial sales, and home services. The company was founded in 2004 and is headquartered in Hoffman Estates, IL. (See Full Profile)
Name | Chg % | Market Cap |
---|---|---|
Costco Wholesale Corp. | $86.99B | |
Kohl's Corp. | $11.23B | |
J.C. Penney Co. Inc. | $760.58M | |
Walmart Inc. | $243.7B | |
Target Corp. | $38.86B |