Sears Crashing After Gigantic Loss

searsSears Holdings is down 15% after hours after the company warned of Q4 losses. The retailer sees a Q4 adjusted loss of $2.01-$2.98. Analysts were looking for earnings of $0.26 per share. Quarter-to-date comparable store sales are down 7.4%. Year-to-date sales are down 3.9%. For the full year ending February 1, 2014, managements expects net loss will be between $1.3 billion and $1.4 billion. Following the release, Brian Sozzi, CEO of Belus Capital Advisors told Business Insider’s Julia LaRoche that “the most atrocious thing was that the CEO didn’t have the courtesy to make a statement on this press release.” Once an iconic brand, it was reported in 2012 that Sears Holdings would close 120 Sears and Kmart stores in an effort to get the company back on track. Some argue that failure was built into Sears Holdings when billionaire investor Edward Lampert’s decided to merge struggling retailers, Sears and Kmart, back in 2004. Lampert has sold real estate to generate cash for the retailer, but it has been argued that neither this, nor the efforts to create a member-centric retailer haven’t been adequate. More
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