Why is Sears’ CEO still touting “progress,” even in SEC filings? Why not tell investors the truth, for once?
Sears Holdings — the storied and once dominant retailer turned into the biggest tragedy in US retail history — reported fourth quarter earnings today. The quarter, ended February 3, covered the crucial holiday sales period. Revenues plunged 27.7% year-over-year to 4.4 billion.
Over the same period, total retail sales across the US by all retailers, including online, rose 5.2%.
In fact, Sears’ revenues were so bad that in the crucial holiday quarter they were about flat with Q1 and Q2. In other words, Q4 was an unmitigated fiasco-disaster quarter.
In Q4 2012, Sears still had $12.3 billion in revenues.
The chart below shows just how miserably terrible revenues were in Q4, with no holiday pickup whatsoever, likely the first quarter in Sears’ post-World War II history where holiday revenues were about flat with Q1 and Q2 of the same year:
H/t reader eric:
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