Sears Posts a Loss, Cuts Year Outlook
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Sears, Roebuck &amp; Co (SN: Quote, Profile, Research) , the largest US department store chain, on Thursday posted a third-quarter loss as its sales continued to slide, prompting the company to cut its full-year profit forecast.
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The maker of fiber optic networking gear said it had sharply narrowed its fourth-quarter loss, but its sales forecast fell short of Wall Street estimates.
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Circuit City Stores posted a narrower quarterly loss from continuing operations on Friday but said the outlook was cautious for the current quarter, which includes the key holiday season.
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Sears, Roebuck and Co. on Thursday said quarterly profit fell sharply compared with a year earlier, when the department store operator had a gain from the sale of its credit card business, but the profit topped forecasts as the retailer slashed costs.
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Sears, Roebuck and Co.  on Tuesday said it would restate its fourth-quarter 2004 earnings, cutting them by 5 cents to 10 cents a share, due to an error in accounting for construction allowances.
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Dillard&#39;s Inc. posted a narrower second-quarter loss Wednesday due to cost cutting, but missed Wall Street expectations by a whopping 15 cents per share.
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Company posts big loss amid a variety of problems that are "self-induced." It also expects an operating loss for the current quarter, which includes the holiday selling season.
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Ford Motor Co  posted a sharply narrower fourth-quarter loss on Thursday after cutting costs but forecast a net loss for the full year 2008 amid fears of a weakening U.S. economy.
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Best Buy Co Inc  cut its fiscal 2008 profit outlook on Friday and said it expects its 2007 fourth-quarter sales to miss its own target on lower-than-expected January sales growth, sending its shares down 4.5 percent.
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Sears Holdings Corp. plans to reorganize into several companies in another bid to pull the ailing 121-year-old retailer out the doldrums, according to a report published Saturday.
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As expected, the athletic-shoe retailer posts a loss in the first quarter.
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The company said its net loss in the fiscal third quarter ended Dec. 1 was $84.8 million, or 12 cents a share, compared with a net profit of $1.1 million.
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Shares of Sears Holdings Corp. tumbled in premarket trading Monday after the retailer warned falling sales would force it to post fourth-quarter and full-year earnings well below analyst estimates.
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Dillard's Inc. DDS.N on Wednesday  reported a narrower quarterly loss as the department store  operator cut costs.
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The profit decline by Sears Holdings, the combination of Sears and Kmart, will be the second consecutive quarter of steeply falling profits for the retailer.
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German-US auto giant DaimlerChrysler has slashed its full-year earnings forecasts on the back of anticipated losses at Chrysler -- its struggling US arm.
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Consumer electronics retailer Circuit City Stores Inc.  on Wednesday posted a quarterly loss that it called disappointing and withdrew its earnings forecast, citing a drop in advanced television sales and an uncertain economic environment.