The holiday season went poorly at Sears (SHLD), so it may still have to close scores of stores and lay-off thousands of people.
Same-store sales at Sears stores fell 12.8%. As odd as it may see, K-Mart did much better with the comparable figure being down only 1.1%. That added up to a weighted average for the whole company of a 7.1% drop.
Sears did have some unexpected good news. The retailer currently expects that net income for the quarter ending January 31 will be between $300 million and $380 million, or between $2.44 and $3.09 per share.
Last year that number was $426 million, or $3.17 per share. This year’s number is not much of a drop given how horrible the holiday retail season.
Sears may be in for a bit of progress in 2009.
Douglas A. McIntyre