Sears Holdings Corporation (SHLD) Profit Plummets
Sears Holdings Corp. reported a 99 percent drop in third-quarter profit Thursday on weak sales at its Sears and Kmart department stores and continuing investment losses under hedge-fund manager Chairman Eddie Lampert. Its stock plummeted in premarket trading.
It was the worst quarter since Lampert formed the company by combining Sears and Kmart in March 2005, heightening questions among investors about Lampert's strategy for reviving two faded chains. The company signaled little hope for improvement in the near future.
Sears shares tumbled $11.34, or 9.75 percent, to $105 in premarket trading - far off its all-time high of $195.18 in April.
It was the worst quarter since Lampert formed the company by combining Sears and Kmart in March 2005, heightening questions among investors about Lampert's strategy for reviving two faded chains. The company signaled little hope for improvement in the near future.
Sears shares tumbled $11.34, or 9.75 percent, to $105 in premarket trading - far off its all-time high of $195.18 in April.
Labels: Sears Holdings Corporation, SHLD
posted by Stock Administrator @ 9:11 AM
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