UFB, a moment of silence for the shorts.
Another rummy stock I could never get a borrow at Fido on.....
EDIT: Now THIS is freakin' hilarious! They simply stopped restocking the shelves, same store sales down 7.4%, topline down 9.2%....that's worth a 20% bump? (Only if yer caught short, I suppose). I guess their business plan is to liquidate what's in the stores, then the stores themselves bit by bit....
online.wsj.com
Sears Posts Profit, Shares Jump
By KATHY SHWIFF
Sears Holdings Inc. posted a surprise profit for its fiscal first quarter on higher margins and lower expenses, sending its stock sharply higher.
The retailer also announced it has amended and extended its credit facility to provide $4.1 billion in financing through March 24 and another $2.4 billion for 27 months after that.
"In this challenging economic environment, we are pleased with the progress we have made in improving our gross margin rate, controlling inventories and further reducing our cost structure," said interim Chief Executive W. Bruce Johnson.
Beyond slumping sales, both the Sears and Kmart chains have been beset with poor reputations of late for problems ranging from shoddy customer service and high out-of-stock levels.
For the quarter ended May 2, the retailer reported profit of $26 million, or 21 cents a share, compared with a year-earlier loss of $56 million, or 43 cents a share, a year earlier. Revenue declined 9.2% to $10.06 billion, while sales at U.S. stores open at least a year fell 7.4%.
Analysts' estimates were for a loss of 88 cents a share on revenue of $10.06 billion, according to a poll by Thomson Reuters.
Gross margin rose to 28.6% from 27.3%, while inventory fell 8.2%. U.S. overhead costs fell 6.7%.
In after-hours trading Thursday, Sears share jumped 16% to $58.40 on the Nasdaq Stock |
