Sears stumbles with 99 percent profit drop
By The Associated Press Friday, November 30, 2007CHICAGO - Sears Holdings Corp. stumbled to its worst performance yet under Edward Lampert, earning just $2 million in a dismal third quarter that heightened questions about his strategy and Sears’ future as a retailer, prompting a huge sell-off in its stock Thursday.
Sears blamed its 99 percent profit decline on stiff competition and economic factors that weakened margins and sales at its Sears and Kmart department stores. The company signaled little hope for improvement in the near future, either, in a challenging retail environment.
Wall Street pummeled Sears’ stock amid a growing exodus of those who had believed Lampert, the hedge-fund guru who combined the two faltering chains in 2005, would figure out a way to turn the company around.
To subscribe to the print edition of The Times and Democrat, click here.
