SEARS POSTS ANOTHER HORRIFIC QUARTER

5 comments

Posted on 28th February 2013 by Administrator in Economy |Politics |Social Issues

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The FABULOUS results from dying retail dinosaurs keep pouring in. Here is a direct quote from CEO Eddie Lampert:

“Sears Holdings made progress in 2012 improving the profitability of our business.”

Sears lost $1.1 BILLION in 2012. This is considered progress in the world of Eddie Lampert. What a joke. He is so happy that Ron Johnson exists, so he isn’t considered the worst retail CEO in U.S. history.

Here is a link to the awful Sears results:

http://finance.yahoo.com/news/sears-holdings-reports-fourth-quarter-110000658.html

Here is my assessment:

  • Sales fell by 2%, even with an extra week. This means on a comparable basis their sales fell 9.7% versus last year.
  • Eddie managed to lose $617 million in one quarter, beating out JC Penney’s $552 million loss.
  • Comparable store sales fell 1.6% and gross margins were flat.
  • The balance sheet is a disaster. He has $600 million of cash and he has $1.2 million of debt due in the next year.
  • His long term debt obligations total $8 billion and his shrinking equity totals $3.2 billion. He managed to lose $1.1 billion for the year.

There are 2,500 Sears/Kmart stores in the country. There are hundreds of thousands of employees. Not for too much longer.

 

COMING TO A MALL NEAR YOU

 

 

SEARS EMPLOYEES

 

5 Comments
  1. Administrator says:

    Eddie Lampert – Just happy Ron Johnson is around.

    sears-chief-wins-worst-ceo-award.jpeg

    Well-loved. Like or Dislike: Thumb up 6 Thumb down 0

    28th February 2013 at 11:22 am

  2. Eddie says:

    There is no downside for the CEO. Golden Parachute guaranteed for anyone who breathes that rarefied Executive Boardroom air.

    Well-loved. Like or Dislike: Thumb up 7 Thumb down 0

    28th February 2013 at 11:26 am

  3. Eddie says:

    I’m sure Walmart is thinking “If we can only hang on, soon we will be the last man standing and our evil plan of world domination will be complete.”

    Well-loved. Like or Dislike: Thumb up 11 Thumb down 0

    28th February 2013 at 11:30 am

  4. Kill Bill says:

    Sears. The last time I set foot in that store was last Christmas, didnt buy anything or see anything worthwhle, was just walking indoors since it was to cold to walk outside. Thank Hebbub Abub for Malls.

    Like or Dislike: Thumb up 2 Thumb down 0

    28th February 2013 at 12:25 pm

  5. Wyoming Mike says:

    Is my pension safe?

    Like or Dislike: Thumb up 3 Thumb down 1

    28th February 2013 at 2:17 pm

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