Late Friday, Sears (SHLD) offered a business update that has little to lift its shares today, despite the rally in the market.
Sears said comparable-store sales have decline 10.8% during the first quarter, while the company’s adjusted EBITDA should fall between a loss $230 million and a loss of $190 million. It also announced the departure of its CFO. On the plus side of the ledge, Sears announced that costs would be cut by $1.25 billion, up from a previous forecast for $1 billion.
Susquehanna’s Bill Dreher and Stephen Caputo note that “Sears has at least for the meanwhile strengthened their position as a going concern,” but remain bearish on its stock. They explain why:
April 24, 2017 at 10:39PM
from Ben Levisohn
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