Despite Jim Cramer's exaltations, Eddie Lampert is still struggling with turning around retailer Sears (ticker: SHLD) and its acquired
vanishing twin, Kmart. Today the company announced that they were closing at least 120 full-line stores and same store sales were down 5.2% YOY for the 8 weeks that ended Christmas day. The impact to the stock price was a 10.2% decline for the day, making it the worst performer in the S&P 500.
Longer term the story isn't any better with the stock down 55% for the year.
From an earnings estimates perspective, the company just had its worst quarter since at least the 1st calendar quarter of 2008, and only 2 out of the upcoming 8 quarters are expected to be in the black.
If only it were feasible for Sears to shut down the company from January to September and then open up for just the Christmas season.
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