Chung, I couldn't think of a worse idea. Sears and K-Mart are moribund.
Hmmm..I disagree William.
"January 20, 2000
Sears Reports Income Increases 38%
As Retail, Credit Businesses Prosper
An INTERACTIVE JOURNAL News Roundup
HOFFMAN ESTATES, Ill. -- Sears, Roebuck & Co. reported on Thursday a
38% increase in fourth-quarter net income, handily beating Wall Street
forecasts as its retail and credit businesses prospered.
Sears posted net income of $740 million, or
$1.98 a diluted share. A First Call/Thomson
Financial survey predicted earnings of $1.77 a
share for the quarter.
Year-earlier net income was $535 million, or
$1.39 a share. Excluding charges, the retailer would have reported year-ago
earnings of $572 million, or $1.48 a share, Sears said.
Results for the year-ago quarter included charges of $37 million, or nine cents
a share, primarily related to charges from selling businesses.
Revenue rose 2.3% to $12.50 billion from $12.23 billion, an improvement the
company attributed to strength of the full-line stores and Sears Canada.
Higher sales and improved gross margins in its retail business helped boost
latest-quarter results, Sears said. Appliance and electronics sales were strong,
contributing to a 2.4% rise in domestic comparable store sales. Children's
apparel, home fashions, fine jewelry, cosmetics and fragrances were strong
performers, but were offset by poor results in women's and men's apparel.
The company attributed an increase in credit-sector earnings primarily to an
improvement in portfolio quality, as charge-offs were favorable.
Sears said it was confident it could deliver earnings-per-share growth of 10%
in 2000, with retail sales increasing at modest rates. The company said it also
plans to refocus its promotional plan and adhere to a cost-control plan.
In its credit business, Sears expects improvement in the quality of the
company's portfolio on a year-over-year basis.
Sears' net income for the year ended Jan. 1 was $1.45 billion, or $3.81 per
diluted share, the company reported. Net income for 1999 was $1.05 billion,
or $2.68 per share." |
