Key Developments For Sears Holdings Corporation
Sears Holdings Corporation (SHLD.O) (Nasdaq)
Sears Holdings Corp. Issues Q4, FY 2009 Outlook; Q4 2009 EPS Outlook Above Analysts' Estimates
Sears Holdings Corp. announced that for the fourth quarter of 2009, it expects net income to be between $300 million and $380 million, or between $2.44 and $3.09 per fully diluted share (EPS). The expectation of fourth quarter net income and EPS excludes the potential impact, if any, related to store closings, restructuring activities including severance, mark-to-market gains and losses on hedge transactions executed by Sears Canada and impairment of goodwill and other intangible assets as prescribed in Statement of Financial Accounting Standards No. 142. For fiscal 2009, the Company expects net income to be between $163 million and $243 million, or between $1.27 and $1.90 per fully diluted share, which also excludes the potential fourth quarter impact, if any, related to store closings, restructuring activities including severance, mark-to-market gains and losses on hedge transactions executed by Sears Canada and impairment of goodwill and other intangible assets as prescribed in Statement of Financial Accounting Standards No. 142. According to Reuters Estimates, analysts were expecting the Company to report EPS of $1.90 for the fourth quarter of 2009.
Sears Holdings Corp.'s Michael D. Collins Assumes Chief Financial Officer Role
Sears Holdings Corp. announced that effective immediately, Michael D. Collins, previously Senior Vice President, Finance will begin serving as the Company's Chief Financial Officer. On October 13, 2008, the Company named Collins to succeed J. Miles Reidy who will be leaving the Company before the end of the fiscal year.
Sears Holdings Corp. Withdraws H2, FY 2008 EBITDA Outlook; Comments On Q3, Q4 2008 Comparable Store Sales Outlook
Sears Holdings Corp. announced that EBITDA forecast mentioned in the August 28, 2008 press release is no longer relevant given its assumption of flat to modest comparable store sales declines in the third and fourth quarters of 2008. According to Reuters Estimates, analysts were expecting the Company to report EBITDA of $225 million and $891million for the third and fourth quarters of 2008 respectively; EBITDA of $1.7 billion for fiscal 2008. The Company cited the severe conditions in the economy, as the primary reason for withdrawing the EBITDA outlook.
Sears Holdings Corp. To Shut 12 Stores Including Four Kmarts, Across U.S.-DJ
Dow Jones reported that according to the Chicago Tribune, Sears Holdings Corp. plans to close eight Kmart stores and four Sears stores early next year.
Sears Holdings Corp. Announces Resignation Of J. Miles Reidy As Chief Financial Officer-Form 8-K
Sears Holdings Corp. announced in its Form 8-K the resignation of J. Miles Reidy as Chief Financial Officer of the Company prior to the end of the 2008 fiscal year.
