Lampert Hints That More Consolidation at Sears (SHLD) is Likely
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Sears Holdings (Nasdaq: SHLD) is up on the session Friday amid reports that some positive changes might be in store for the beleaguered retailer and those changes could come soon.
At the company's annual meeting on Thursday, newly-dubbed CEO and chairman Eddie Lampert hinted that he wasn't done shuttering some Kmart and Sears locations. The NY Post quotes Lampert as saying, "We are becoming a company focused less on products and less on stores and much more on members."
Lampert also noted that the level of profitability is below where it needs to be "to justify the assets we’ve dedicated to the business."
Specific store counts weren't mentioned.
Comments come as Lampert touted how well Sears' "Shop Your Way" loyalty program and online sales were doing. While the loyalty program accounted for about half of 2012 sales, online sales also popped by 17 percent last year.
Sears is next scheduled to release Q1 results on May 23rd, before markets open. The Street currently expects Q1 loss of 65 cents per share, versus a loss of 31 cents per share reported in the same period last year.
The stock is up over 1.5 percent today.
At the company's annual meeting on Thursday, newly-dubbed CEO and chairman Eddie Lampert hinted that he wasn't done shuttering some Kmart and Sears locations. The NY Post quotes Lampert as saying, "We are becoming a company focused less on products and less on stores and much more on members."
Lampert also noted that the level of profitability is below where it needs to be "to justify the assets we’ve dedicated to the business."
Specific store counts weren't mentioned.
Comments come as Lampert touted how well Sears' "Shop Your Way" loyalty program and online sales were doing. While the loyalty program accounted for about half of 2012 sales, online sales also popped by 17 percent last year.
Sears is next scheduled to release Q1 results on May 23rd, before markets open. The Street currently expects Q1 loss of 65 cents per share, versus a loss of 31 cents per share reported in the same period last year.
The stock is up over 1.5 percent today.
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