Uploaded by FinancialNewsOnline on Nov 17, 2011
Sears Holdings (NASDAQ:SHLD) reported Q3 results today, posting a loss of $3.95 per share, wider than analyst estimates for a loss of $2.29. Revenues for the quarter fell 1.2% to $9.57 billion, which was in-line with consensus estimates.
Lou D'Ambrosio, Sears Holdings' Chief Executive Officer and President, said, "While we are not satisfied with our performance, we saw improvement in some core areas. Sears Full-line Stores saw improvement, as Sears apparel achieved both comparable store sales and margin rate increases in the quarter. We also saw nearly 20% growth in our domestic online business, and while appliance sales declined in the quarter, we improved our market leadership positions in overall appliances and Kenmore. Despite improvement in these areas, our overall results were down, led by declines in Sears Canada, consumer electronics and Kmart apparel."
Sears Holdings is currently below its 200-day moving average (MA) of $72.64 and should find support at its 50-day MA of $66.94.
Lou D'Ambrosio, Sears Holdings' Chief Executive Officer and President, said, "While we are not satisfied with our performance, we saw improvement in some core areas. Sears Full-line Stores saw improvement, as Sears apparel achieved both comparable store sales and margin rate increases in the quarter. We also saw nearly 20% growth in our domestic online business, and while appliance sales declined in the quarter, we improved our market leadership positions in overall appliances and Kenmore. Despite improvement in these areas, our overall results were down, led by declines in Sears Canada, consumer electronics and Kmart apparel."
Sears Holdings is currently below its 200-day moving average (MA) of $72.64 and should find support at its 50-day MA of $66.94.
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