Sears Holdings Reports 40% Drop in Profit
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Sears Holdings said Thursday that its second-quarter profit had tumbled 40 percent because of lower overall sales and weaker operating results from Kmart and its domestic Sears operations.
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Sears Holdings Corp.  on Tuesday forecast lower quarterly profit and admitted that it needed to become more relevant to consumers and control its costs, sending its shares down as much as 7 percent in premarket trading.
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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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Apparel retailer Talbots Inc.   said on Wednesday that quarterly net profit fell, hurt by heavy  markdowns and declining sales at its flagship Talbots chain.
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CHICAGO, Aug 20  - Shares of Nordstrom Inc. (JWN.N: Quote, Profile, Research) dropped 9 percent early on Friday after the luxury retailer missed Wall Street&#39;s earnings target and forecast disappointing profits for the current quarter.
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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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Loews Corp  said on Monday  fourth-quarter profit fell 31 percent, hurt by subprime  investment losses at its CNA Financial Corp  insurance  business and weaker results in its tobacco and drilling units.
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Youth-oriented retailer Abercrombie &amp; Fitch Co. (ANF.N: Quote, Profile, Research) on Tuesday posted an unexpected fall in quarterly profit as it struggles to boost sales, and said it remained cautious for the rest of the year.
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Williams-Sonoma Inc. , the  upscale home furnishings retailer, reported lower quarterly  profit Wednesday, citing challenging sales in its core brands.
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U.S. stocks fell on Tuesday as profit warnings from retailer Sears Holdings Corp.  and home builder D.R. Horton Inc  fueled concerns about the economy's health and the earnings outlook.
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The home-furnishings retailer reports lower earnings but beats expectations.
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Black & Decker slashed its fourth-quarter profit outlook on Friday, citing worse-than-expected conditions in North America and a one-time charge.
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Wal-Mart Stores Inc.  on Tuesday  reported a 26 percent drop in quarterly profit -- its first  earnings decline in more than 10 years -- because of a charge  for selling its German stores to a rival, but it maintained its  full-year profit forecast.
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Sears Holdings Corp.  on Tuesday forecast lower quarterly profit and said it needs to better control its costs and stock more items that its shoppers demand, sending shares down more than 8.7 percent.
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Sears, Roebuck and Co. is limping into its proposed merger with Kmart. The department-store giant reported an 86 percent drop in fourth-quarter net earnings Thursday after shedding its profitable credit-card unit a year earlier, its results now solely dependent on sagging retail sales.
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Discount retailer Ross Stores Inc. Wednesday said its profit fell about 40 percent in the latest quarter due to problems with a new computer system that limited the company's ability to respond to changes in customer demand.
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Evidence of an abrupt slowdown in consumer spending mounted Monday as Sears Holdings, the owner of Sears and Kmart, warned that its profit would most likely plunge as much as 57 percent for the three months ending in early February.