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Broadline retailer Sears gets $30bn of asset in Q1 2005

Jun '05
Nation's third largest broadline retailer Sears Holdings Corporation issued financial statements for the quarter ended April 30, 2005.

Sears Holdings was created in connection with the merger of Kmart Holding Corporation and Sears, Roebuck and Co which was completed on March 24, 2005.

Sears Holdings is the nation's third largest broadline retailer with approximately 2,300 full-line and 1,200 specialty retail stores in the United States operating through Kmart and Sears and 340 full-line and specialty stores in Canada operating through Sears Canada Inc. a 54%-owned subsidiary.

The Statement of Operations included below for the 13 weeks ended April 30, 2005 includes all 13 weeks of Kmart's results of operations but only Sears results of operations for the approximately five-week long period of March 25, 2005 forward.

The Company therefore believes the results of operations are not representative of the on-going results for Holdings. As a result, the Company has included pro forma results that include Sears for the full 13 weeks. The Company has also provided its calculation of Pro Forma Adjusted EBITDA for Holdings, including a breakdown of Pro Forma Adjusted EBITDA between its domestic and Canadian operations. Reconciliation of the pro forma results of operations to the GAAP results of operations has also been included.

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