Retail Expert Likens Sears Disappointing Earnings To A Sinking Ship
Sears Holdings posted its 20th consecutive earnings and revenue miss today, making more store closures for America’s fallen retail king inevitable.
Sears' same-store sales fell 10% in Q3 while Kmart's same store sales dipped 4.4%, with combined sales tumbling 7.4% to mark the retailer’s weakest results so far this year, RetailDive reports. Though revenue dropped 12.5% to $5.03B, Sears CFO Jason Hollar says he’s confident the company can right itself by selling off its Kenmore, Craftsman and DieHard brands.
While Hollar may be optimistic, most experts aren’t—especially not Conlumino CEO Neil Saunders, who likens the firm’s situation to that of the Titanic. He points out that while Sears may be able to sell assets and brands to keep itself afloat, eventually it needs to boost sales or it will sink all the same. [RD]