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Broadline retailer Sears gets $30bn of asset in Q1 2005
08 Jun '05
6 min read
Lower sales have also resulted from efforts initiated in 2005 to reduce reliance on certain promotional events and strategies historically executed to drive transactional volumes at the expense of lower margin rates.
A $90 million after-tax charge was recorded as a cumulative effect of change in accounting in the first quarter of 2005 resulting from the Company's decision to change its method of accounting for certain indirect overhead costs included in inventory.
Pro Forma Results
The statement of operations for the 13 weeks ended April 30, 2005 is not representative of the on-going results for Holdings as it only includes Sears results of operations from March 25, 2005 forward. Had the Sears results for the full quarter been included, Holdings' revenues would have been approximately $5 billion higher. Therefore, the Company believes that an understanding of trends and on-going performance is not complete without presenting results on a pro forma basis that include Sears results for a full 13-week period.
Sears Holdings is the leading home appliance retailer as well as a leader in tools, lawn and garden, home electronics and automotive repair and maintenance. Key proprietary brands include Kenmore, Craftsman and DieHard, and a broad apparel offering, including such well-known labels as Lands' End, Jaclyn Smith and Joe Boxer, as well as the Apostrophe and Covington brands.
It also has Martha Stewart Everyday products,s as Lands' End, Jaclyn Smith and Joe Boxer, as well as the Apostrophe and Covington brands.
s as Lands' End, Jaclyn Smith and Joe Boxer, as well as the Apostrophe and Covington brands.
It also has Martha Stewart Everyday products, which are offered exclusively in the U.S. by Kmart and in Canada by Sears Canada. The company is the nation's largest provider of home services, with more than 14 million service calls made annually.
A $90 million after-tax charge was recorded as a cumulative effect of change in accounting in the first quarter of 2005 resulting from the Company's decision to change its method of accounting for certain indirect overhead costs included in inventory.
Pro Forma Results
The statement of operations for the 13 weeks ended April 30, 2005 is not representative of the on-going results for Holdings as it only includes Sears results of operations from March 25, 2005 forward. Had the Sears results for the full quarter been included, Holdings' revenues would have been approximately $5 billion higher. Therefore, the Company believes that an understanding of trends and on-going performance is not complete without presenting results on a pro forma basis that include Sears results for a full 13-week period.
Sears Holdings is the leading home appliance retailer as well as a leader in tools, lawn and garden, home electronics and automotive repair and maintenance. Key proprietary brands include Kenmore, Craftsman and DieHard, and a broad apparel offering, including such well-known labels as Lands' End, Jaclyn Smith and Joe Boxer, as well as the Apostrophe and Covington brands.
It also has Martha Stewart Everyday products,s as Lands' End, Jaclyn Smith and Joe Boxer, as well as the Apostrophe and Covington brands.
s as Lands' End, Jaclyn Smith and Joe Boxer, as well as the Apostrophe and Covington brands.
It also has Martha Stewart Everyday products, which are offered exclusively in the U.S. by Kmart and in Canada by Sears Canada. The company is the nation's largest provider of home services, with more than 14 million service calls made annually.
Sears Holdings
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