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Sears Holdings announces Q2 2007 sales results
11 Jul '07
3 min read
For the second quarter last year, the Company reported net income of $294 million, or $1.88 per fully diluted share. The second quarter 2006 results included a $36 million pre-tax gain ($22 million after-tax or $0.14 per diluted share) representing the Company's portion of proceeds received during the second quarter of 2006 related to the settlement of Visa/MasterCard antitrust litigation. Excluding the impact of this gain, second quarter 2006 net income was $272 million, or $1.74 per diluted share.
During the nine-week period ended July 7, 2007, the Company repurchased 2.8 million common shares at a total cost of $484 million, or an average price of $174.67 per share. As of July 7, 2007, Holdings had approximately 150.9 million common shares outstanding. In addition, the Company repaid approximately $200 million of domestic debt.
Sears Holdings Chief Executive Officer Aylwin Lewis said, "We are disappointed with our recent performance. Although we believe our business has suffered from many of the same factors that have led other retailers to announce disappointing results and lowered expectations, our recent performance underscores our ongoing need to become more relevant to consumers while improving our discipline around expense management."
The Company currently expects to end the second quarter with approximately $2.8 billion in cash and cash equivalents, excluding Sears Canada. The expected cash and cash equivalents balance indicated does not give effect to any share repurchase or property sale activities after July 7, 2007.
The Company also announced that its Board of Directors has approved the repurchase of up to an additional $1.0 billion of the Company's common shares. This authorization is in addition to the $121 million worth of shares that remain available for repurchase under the Company's existing repurchase program.
Sears Holdings Corporation
During the nine-week period ended July 7, 2007, the Company repurchased 2.8 million common shares at a total cost of $484 million, or an average price of $174.67 per share. As of July 7, 2007, Holdings had approximately 150.9 million common shares outstanding. In addition, the Company repaid approximately $200 million of domestic debt.
Sears Holdings Chief Executive Officer Aylwin Lewis said, "We are disappointed with our recent performance. Although we believe our business has suffered from many of the same factors that have led other retailers to announce disappointing results and lowered expectations, our recent performance underscores our ongoing need to become more relevant to consumers while improving our discipline around expense management."
The Company currently expects to end the second quarter with approximately $2.8 billion in cash and cash equivalents, excluding Sears Canada. The expected cash and cash equivalents balance indicated does not give effect to any share repurchase or property sale activities after July 7, 2007.
The Company also announced that its Board of Directors has approved the repurchase of up to an additional $1.0 billion of the Company's common shares. This authorization is in addition to the $121 million worth of shares that remain available for repurchase under the Company's existing repurchase program.
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