Why Did Sears Holdings Corporation Shares Drop 11% in September?
Like a rock rolling downhill, Sears Holdings (NASDAQ: SHLD) has moved steadily toward the bottom. Sure, there are occasional bumps that slow that progress, but nothing looks likely to stop the company's negative momentum.
Sears reported Q2 results on Aug. 24, and the numbers were as lousy as you might expect, given the chain's direction in recent years. The company, which owns Sears and Kmart, saw total revenue drop from $5.7 billion a year ago to $4.4 billion this year. Sears blamed that mostly on store closings and the closing of pharmacies in some stores, but comparable-store sales did drop by 11.5%. Kmart actually fared better, with comp sales dropping by 9.4%, while Sears stores fell by 13.2%.
Sears has been closing stores. Image source: Getty Images.
Source: Fool.com
