No, Sears Holdings Did Not Just Turn a Corner
Sears Holdings (NASDAQ: SHLD) CEO Edward Lampert has a clear talent for getting people to see the positive amid a sea of terrible news. He has done that again with the company's most recent quarterly report, in which the company reported losses of over $550 million along with a same-store sales drop of 17% at Sears and 13% at Kmart.
In addition, Sears Holdings saw its overall revenue shrink from $5 billion in Q3 last year to $3.7 billion in the third quarter this year. Over half of the decline came from the loss of revenue from closed stores, the company said.
Despite those numbers, which appear to show a company in a state of rapid decline, Lampert sees good news. He acknowledged challenging market conditions in the company's Q3 earnings press release, but continued to push the idea that his turnaround plan remains on track.
Source: Fool.com
