Sears Holdings Comps Down, Stock Up
January 15, 2007,
Clearly trying to drive its stock price higher, Sears Holdings Corp., reported on Jan. 9 that despite falling same-store sales during the crucial holiday selling season, it will report a profit of $750 to $830 million, up as much as 16% to 28% from the $648 million it earned during the fourth quarter of 2005.
Liking what it heard, Wall Street on the day of the announcement gave Sears what it hoped for and pushed its stock price up by $3.26 a share, or 2%, to $169.29 in mid-day trading.
The retailer said Kmart same-store sales declined 1.2% during the nine-week period ended Dec. 30, hampered by lower transaction volumes. Apparel sales, while hurt by unseasonably warm weather, still increased over last year's level. Same-store sales in Sears units fell by 5.6%, hurt by lower lawn and garden and appliance sales, partially offset by an improvement in women's apparel, the company said.
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