HOFFMAN ESTATES, Ill.,
Aug. 20, 2015 /PRNewswire/
-- Sears Holdings Corporation ("Holdings," "we," "us," "our,"
or the "Company")(NASDAQ: SHLD) today announced financial results
for its second quarter ended August 1, 2015, which are in line
with the guidance the Company provided on August 3, 2015. As a supplement to this
announcement, a presentation, pre-recorded conference and audio
webcast are available at our
website http://searsholdings.com/invest.
In summary, we reported:
- Domestic Adjusted EBITDA of $(200)
million, excluding Seritage Growth Properties and joint
venture rent, in the second quarter of 2015 compared to
$(298) million in the prior year
second quarter, which is the fourth consecutive quarter of improved
EBITDA performance on a year-over-year basis;
- Net income attributable to Holdings' shareholders of
$208 million ($1.84 earnings per diluted share) for the second
quarter of 2015 compared to a net loss of $573 million ($5.39
loss per diluted share) for the prior year second quarter. Adjusted
for significant items, we would have reported a net loss of
$256 million ($2.40 loss per diluted share) for the quarter
compared to a net loss of $293
million ($2.76 loss per
diluted share) in the prior year quarter;
- Sales to Shop Your Way® members in Sears Full-line and Kmart
stores were 74% of eligible sales for the second quarter;
- Kmart and Sears Domestic comparable store sales declined 7.3%
and 14.0%, respectively, in the second quarter of 2015 driven in
part by highly targeted promotional and marketing spend to better
align with member needs, and a shift away from low margin
categories, such as consumer electronics;
- Kmart's gross margin rate for the second quarter improved 80
basis points over the prior year second quarter, while Sears
Domestic's gross margin rate improved 210 basis points;
- The completion on July 7, 2015 of
the Company's rights offering and sale-leaseback transaction with
Seritage Growth Properties, a recently formed, independent publicly
traded real estate investment trust ("REIT") and received aggregate
gross proceeds from the transaction of $2.7
billion;
- The completion on July 21, 2015
of an amendment and extension of our $3.275
billion domestic credit facility with
approximately $2.0 billion maturing in 2020 and the
remaining approximately $1.3
billion of the existing credit facility in place until April
of 2016;
- The Company continues to demonstrate that it has the financial
flexibility to fund its transformation and meet its obligations. As
of August 1, 2015, the Company had $1.8
billion in cash, no revolver borrowings and $657 million of letters of credit outstanding.
Availability under the Credit Agreement was approximately
$1.2 billion; and
- Approximately $936 million
principal amount of notes were validly tendered as part of our
recent cash tender offer (the "Offer") for our 6 5/8% Senior
Secured Notes due 2018 (the "Notes").
Edward S. Lampert, Holdings'
Chairman and Chief Executive Officer, said, "The second quarter
marked our fourth consecutive quarter of improved results. During
the quarter we completed many of the objectives we laid out to
transform Holdings from a traditional, store-network based retail
business model to a more asset-light, member-centric integrated
retailer leveraging our Shop Your Way platform. The successful
completion of these actions has positioned Sears Holdings for
long-term success and is consistent with our strategy to focus on
our best stores, reward our best members and pursue our best
categories as part of our transformation. As our results over the
last four consecutive quarters demonstrate, we are successfully
enhancing our margin rates and improving EBITDA performance as we
become more efficient with our promotional programs and the use of
Shop Your Way to replace more traditional forms of marketing with
more targeted and personalized digital interactions with our
members."
Rob Schriesheim, Holdings' Chief
Financial Officer, said, "In the second quarter of 2015, the
Company completed its rights offering and sale-leaseback
transaction with Seritage Growth Properties and received aggregate
gross proceeds from the transaction of $2.7
billion. In addition, we completed an amendment and
extension of the Company's existing asset-based credit facility.
With the successful completion of the amendment and extension of
the domestic credit facility and the Seritage transaction, we have
substantially enhanced our financial flexibility and achieved our
objective of reducing our reliance on inventory as a source of
financing. We are pleased with the outcome of the Offer, which was
in line with our expectations and helped mitigate our annualized
cash interest expense. We intend to continue taking significant
actions to alter our capital structure, as circumstances allow, to
position Sears Holdings for success and profitability, which could
include further reductions in debt or changes in the composition of
our debt."
Financial Results
We had Domestic Adjusted EBITDA of $(200)
million, excluding Seritage Growth Properties and joint
venture rent, in the second quarter of 2015 compared to
$(298) million in the prior year
second quarter. The terms of our leases with Seritage and the joint
venture partners provide us with the ability to accelerate the
transformation of our physical stores. We expect that our cash rent
obligations will decrease significantly as space in these stores is
recaptured.
Revenues decreased approximately $1.8
billion to $6.2 billion for the quarter ended August 1,
2015, as compared to revenues of $8.0
billion for the quarter ended August 2, 2014, with a
significant portion of the decline related to actions taken by the
Company in 2014 to streamline our operations and focus on our
transformation into a member-centric retailer. The decrease in
revenue included a decrease of $780
million associated with Sears Canada, which was
de-consolidated in October 2014, and
$386 million as a result of fewer
Kmart and Sears Full-line stores. In addition, comparable store
sales declined 10.8% during the quarter, comprised of decreases of
7.3% and 14.0% at Kmart and Sears Domestic, respectively, which
accounted for $584 million of the
revenue decline.
At Kmart, comparable store sales increased in the home
appliances and toys categories, but were offset by declines in
consumer electronics, grocery & household, apparel and
drugstore. Excluding the impact of the consumer electronics
business, which is a business we continue to alter to meet our
members' needs, Kmart comparable store sales would have decreased
5.4%. Sears Domestic was also negatively impacted by the consumer
electronics business. Excluding the impact of consumer electronics,
Sears Domestic comparable store sales would have decreased 12.5%,
primarily driven by decreases in home appliances, apparel, lawn
& garden and Sears Auto Centers, which were partially offset by
an increase in the mattresses category.
During the quarter, gross margin decreased $307 million, as the above noted decline in sales
was partially offset by an improvement in gross margin rate. Gross
margin for the second quarter of 2015 included one-time vendor
credits of $33 million, as well as a
credit of $7 million related to the
amortization of the deferred gain on sale of assets associated with
the Seritage transaction, while the second quarter of 2014 also
included gross margin of $184 million
from Sears Canada. Gross margin for the quarter also included
charges of $5 million and
$10 million in 2015 and 2014,
respectively, related to store closures.
Kmart's gross margin rate for the second quarter improved 80
basis points, with increases experienced in several categories,
particularly grocery & household and electronics. Sears
Domestic's gross margin rate improved 210 basis points for the
quarter. Excluding the impact of significant items recorded in
gross margin during the quarter, which aggregated to a benefit of
$38 million in 2015, Sears Domestic's
gross margin rate improved 110 basis points, with the most notable
increases experienced in the apparel and tools categories. The
improvement in gross margin rate in both formats was primarily
driven by less clearance markdowns and promotional activity. In
addition, as a result of the Seritage and JV transactions, the
second quarter of 2015 includes additional rent expense of
approximately $26 million.
Selling and administrative expenses decreased $424 million in the second quarter of 2015
compared to the prior year quarter. Excluding significant items
noted in our Adjusted Earnings Per Share tables, domestic selling
and administrative expenses declined $240
million primarily due to decreases in payroll and
advertising expenses.
During the quarter, the Company realized a significant tax
benefit on the deferred taxes related to indefinite-life assets
associated with the properties sold in the transaction with
Seritage. As such, our effective tax rate for the second quarter of
2015 was a benefit of 1,700.0%, compared to an expense of 5.8% in
the prior year quarter. In addition, the application of the
requirements for accounting for income taxes in interim periods,
after consideration of our valuation allowance, causes a
significant variation in the typical relationship between income
tax expense and pretax income.
The total gain on the sale-leaseback transaction with Seritage
Growth Properties was approximately $1.4
billion, of which approximately $508
million was recognized during the second quarter of 2015 and
the balance of approximately $894
million was deferred and will be recognized in proportion to
the related rent expense over the lease term.
The Company reported net income of $208
million for the second quarter of 2015 compared to a net
loss of $573 million for the prior
year period. Net income for the second quarter of 2015 and net loss
for the second quarter of 2014 included significant items, which
aggregated to income of $464 million
and expense of $280 million,
respectively. Adjusting for these significant items, we would have
reported a net loss of $256 million
and $293 million in the second
quarter of 2015 and 2014, respectively.
Financial Position
The Company's cash balances were $1.8
billion at August 1, 2015 compared with $250 million at January 31, 2015.
Domestic merchandise inventories at August 1, 2015 were
$5.0 billion, compared to
$5.8 billion at August 2, 2014,
with the decline being driven by improved productivity and store
closures.
Since the first quarter of 2012, we have reduced our net
inventory investment by approximately $2.2
billion. By reducing our inventory investment and our
payables, we have decreased the level of vendor support needed to
run our business, de-risking our business model in a way that
benefits both us and our vendor partners.
Short-term borrowings totaled $6
million at the end of the second quarter of 2015 consisting
of commercial paper outstanding, as compared to $615 million at January 31, 2015, consisting
of $213 million outstanding on our
domestic credit facility, a $400
million secured short-term loan and $2 million of commercial paper outstanding.
At August 1, 2015, the amount available to borrow under our
credit facility was approximately $1.2
billion, which reflects the effect of our springing fixed
charge coverage ratio covenant and the borrowing base limitation in
our revolving credit facility.
Total long-term debt (long-term debt and capital lease
obligations) was $3.1 billion and
$3.2 billion at August 1, 2015
and January 31, 2015, respectively.
As of the "Early Tender Date" of August
17, 2015, approximately $936
million principal amount of the Notes were validly tendered
and not validly withdrawn in the Offer. Pursuant to the terms of
the Offer, holders of Notes may tender additional Notes at or prior
to 11:59 p.m., New York City time, on August 28, 2015, unless the Offer is earlier
terminated or extended by the Company in its sole discretion. As
such, the unused balance of our debt repurchase authorization is
$74 million at August 20, 2015. As a result of the Notes
received as of the Early Tender Date, we have mitigated our
annualized cash interest expense by approximately $62 million. The Company may consider
repurchasing other outstanding debt securities in order to further
mitigate our interest expense.
Adjusted EBITDA
In addition to our net income (loss) from continuing operations
attributable to Sears Holdings' shareholders determined in
accordance with Generally Accepted Accounting Principles ("GAAP"),
for purposes of evaluating operating performance, we use Adjusted
Earnings Before Interest, Taxes, Depreciation and Amortization
("Adjusted EBITDA"), Domestic Adjusted EBITDA, Domestic
Adjusted EBITDA excluding Seritage/JV rent and Adjusted
Earnings Per Share. The tables attached to this press release
provide a reconciliation of GAAP to as adjusted amounts. We believe
that our use of Adjusted EBITDA, Domestic Adjusted EBITDA, Domestic
Adjusted EBITDA excluding Seritage/JV rent and Adjusted EPS
provides an appropriate measure for investors to use in assessing
our performance across periods, given that these measures provide
adjustments for certain significant items which may vary
significantly from period to period, improving the comparability of
year-to-year results and is therefore representative of our ongoing
performance. Therefore, we have adjusted our results for them to
make our statements more useful and comparable. However, we do not,
and do not recommend that you, solely use Adjusted EBITDA, Domestic
Adjusted EBITDA, Domestic Adjusted EBITDA excluding Seritage/JV
rent or Adjusted EPS to assess our financial and earnings
performance. We also use, and recommend that you use, diluted
earnings per share in addition to Adjusted EPS in assessing our
earnings performance.
Forward-Looking Statements
Results are unaudited. This press release contains
forward-looking statements intended to qualify for the safe harbor
from liability established by the Private Securities Litigation
Reform Act of 1995, including, but not limited to, statements about
our transformation through our integrated retail strategy, our
plans to redeploy and reconfigure our assets, our liquidity, our
ability to exercise financial flexibility as we meet our
obligations and pursue possible strategic transactions and other
statements that describe the Company's plans. Whenever used, words
such as "will," "expect," and other terms of similar meaning are
intended to identify such forward-looking statements.
Forward-looking statements, including these, are based on the
current beliefs and expectations of our management and are subject
to significant risks, assumptions and uncertainties, many of which
are beyond the Company's control, that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by these forward-looking statements. These include, but are
not limited to, risks and uncertainties relating to the domestic
credit facility transaction and the Seritage transaction, such as
the impact of the evaluation and/or completion of any such
transaction on our other businesses, and risks and uncertainties
relating to the Offer, such as the timing and certainty of the
completion of that transaction and the operational and financial
profile of the Company or any of its businesses after giving effect
to it. There can be no assurance that any of these efforts will be
successful. Detailed descriptions of other risks, uncertainties and
factors relating to Sears Holdings are discussed in our most recent
Annual Report on Form 10-K and other filings with the Securities
and Exchange Commission. While we believe that our forecasts and
assumptions are reasonable, we caution that actual results may
differ materially. We intend the forward-looking statements to
speak only as of the time made and do not undertake to update or
revise them as more information becomes available, except as
required by law.
About Sears Holdings Corporation
Sears Holdings Corporation (NASDAQ: SHLD) is a leading
integrated retailer focused on seamlessly connecting the digital
and physical shopping experiences to serve our members - wherever,
whenever and however they want to shop. Sears Holdings is home
to Shop Your Way®, a social shopping platform offering
members rewards for shopping at Sears and Kmart, as well as with
other retail partners across categories important to them. The
Company operates through its subsidiaries, including Sears, Roebuck
and Co. and Kmart Corporation, with full-line and specialty retail
stores across the United States.
For more information, visit www.searsholdings.com.
Sears Holdings
Corporation
|
Condensed
Consolidated Statements of Operations
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Amounts are
Preliminary and Subject to Change
|
|
|
|
|
|
|
|
|
13 Weeks
Ended
|
|
26 Weeks
Ended
|
millions, except
per share data
|
August 1,
2015
|
|
August 2,
2014
|
|
August 1,
2015
|
|
August 2,
2014
|
REVENUES
|
|
|
|
|
|
|
|
Merchandise sales and
services
|
$
|
6,211
|
|
|
$
|
8,013
|
|
|
$
|
12,093
|
|
|
$
|
15,892
|
|
COSTS AND
EXPENSES
|
|
|
|
|
|
|
|
Cost of sales, buying
and occupancy
|
4,776
|
|
|
6,271
|
|
|
9,140
|
|
|
12,322
|
|
Gross margin
dollars
|
1,435
|
|
|
1,742
|
|
|
2,953
|
|
|
3,570
|
|
Gross margin
rate
|
23.1
|
%
|
|
21.7
|
%
|
|
24.4
|
%
|
|
22.5
|
%
|
Selling and
administrative
|
1,694
|
|
|
2,118
|
|
|
3,375
|
|
|
4,207
|
|
Selling and
administrative expense as a
percentage of total revenues
|
27.3
|
%
|
|
26.4
|
%
|
|
27.9
|
%
|
|
26.5
|
%
|
Depreciation and
amortization
|
114
|
|
|
152
|
|
|
236
|
|
|
307
|
|
Impairment
charges
|
54
|
|
|
20
|
|
|
54
|
|
|
25
|
|
Gain on sales of
assets
|
(526)
|
|
|
(34)
|
|
|
(633)
|
|
|
(80)
|
|
Total costs and
expenses
|
6,112
|
|
|
8,527
|
|
|
12,172
|
|
|
16,781
|
|
Operating income
(loss)
|
99
|
|
|
(514)
|
|
|
(79)
|
|
|
(889)
|
|
Interest
expense
|
(85)
|
|
|
(72)
|
|
|
(175)
|
|
|
(143)
|
|
Interest and
investment income (loss)
|
(26)
|
|
|
32
|
|
|
(44)
|
|
|
36
|
|
Other income
(loss)
|
(1)
|
|
|
5
|
|
|
—
|
|
|
2
|
|
Loss before income
taxes
|
(13)
|
|
|
(549)
|
|
|
(298)
|
|
|
(994)
|
|
Income tax (expense)
benefit
|
221
|
|
|
(32)
|
|
|
203
|
|
|
(29)
|
|
Net income
(loss)
|
208
|
|
|
(581)
|
|
|
(95)
|
|
|
(1,023)
|
|
Loss attributable to
noncontrolling interests
|
—
|
|
|
8
|
|
|
—
|
|
|
48
|
|
NET INCOME (LOSS)
ATTRIBUTABLE
TO HOLDINGS' SHAREHOLDERS
|
$
|
208
|
|
|
$
|
(573)
|
|
|
$
|
(95)
|
|
|
$
|
(975)
|
|
NET INCOME (LOSS)
PER COMMON
SHARE ATTRIBUTABLE TO
HOLDINGS' SHAREHOLDERS
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share
|
$
|
1.95
|
|
|
$
|
(5.39)
|
|
|
$
|
(0.89)
|
|
|
$
|
(9.17)
|
|
Diluted earnings
(loss) per share
|
$
|
1.84
|
|
|
$
|
(5.39)
|
|
|
$
|
(0.89)
|
|
|
$
|
(9.17)
|
|
Basic weighted
average common shares outstanding
|
106.5
|
|
|
106.3
|
|
|
106.5
|
|
|
106.3
|
|
Diluted weighted
average common shares outstanding
|
113.3
|
|
|
106.3
|
|
|
106.5
|
|
|
106.3
|
|
|
|
|
|
Sears Holdings
Corporation
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Amounts are
Preliminary and Subject to Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
millions
|
|
August 1,
2015
|
|
August 2,
2014
|
|
January 31,
2015
|
ASSETS
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,819
|
|
|
$
|
829
|
|
|
$
|
250
|
|
Restricted
cash
|
|
—
|
|
|
10
|
|
|
—
|
|
Accounts
receivable
|
|
460
|
|
|
516
|
|
|
429
|
|
Merchandise
inventories
|
|
5,028
|
|
|
6,383
|
|
|
4,943
|
|
Prepaid expenses and
other current assets
|
|
270
|
|
|
419
|
|
|
241
|
|
Total current
assets
|
|
7,577
|
|
|
8,157
|
|
|
5,863
|
|
Property and
equipment, net
|
|
2,732
|
|
|
5,091
|
|
|
4,449
|
|
Goodwill
|
|
269
|
|
|
269
|
|
|
269
|
|
Trade names and other
intangible assets
|
|
2,091
|
|
|
2,302
|
|
|
2,097
|
|
Other
assets
|
|
517
|
|
|
619
|
|
|
531
|
|
TOTAL
ASSETS
|
|
$
|
13,186
|
|
|
$
|
16,438
|
|
|
$
|
13,209
|
|
LIABILITIES
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Short-term
borrowings
|
|
$
|
6
|
|
|
$
|
1,404
|
|
|
$
|
615
|
|
Current portion of
long-term debt and capitalized lease obligations
|
|
70
|
|
|
85
|
|
|
75
|
|
Merchandise
payables
|
|
1,704
|
|
|
2,506
|
|
|
1,621
|
|
Other current
liabilities
|
|
2,068
|
|
|
2,374
|
|
|
2,087
|
|
Unearned
revenues
|
|
802
|
|
|
889
|
|
|
818
|
|
Other
taxes
|
|
363
|
|
|
436
|
|
|
380
|
|
Short-term deferred
tax liabilities
|
|
472
|
|
|
484
|
|
|
480
|
|
Total current
liabilities
|
|
5,485
|
|
|
8,178
|
|
|
6,076
|
|
Long-term debt and
capitalized lease obligations
|
|
3,068
|
|
|
2,815
|
|
|
3,110
|
|
Pension and
postretirement benefits
|
|
2,258
|
|
|
1,721
|
|
|
2,404
|
|
Deferred gain on
sale-leaseback
|
|
798
|
|
|
—
|
|
|
—
|
|
Sale-leaseback
financing obligation
|
|
164
|
|
|
—
|
|
|
—
|
|
Other long-term
liabilities
|
|
1,830
|
|
|
2,007
|
|
|
1,849
|
|
Long-term deferred
tax liabilities
|
|
489
|
|
|
798
|
|
|
715
|
|
Total
Liabilities
|
|
14,092
|
|
|
15,519
|
|
|
14,154
|
|
EQUITY
(DEFICIT)
|
|
|
|
|
|
|
Total
Equity (Deficit)
|
|
(906)
|
|
|
919
|
|
|
(945)
|
|
TOTAL
LIABILITIES AND EQUITY (DEFICIT)
|
|
$
|
13,186
|
|
|
$
|
16,438
|
|
|
$
|
13,209
|
|
|
|
|
|
|
|
|
Total common shares
outstanding
|
|
106.6
|
|
|
106.5
|
|
|
106.5
|
|
|
|
|
|
Sears Holdings
Corporation
|
Segment
Results
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Amounts are
Preliminary and Subject to Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended
August 1, 2015
|
|
|
millions, except
store data
|
Kmart
|
|
Sears
Domestic
|
|
Sears
Holdings
|
|
|
Merchandise sales and
services
|
$
|
2,459
|
|
|
$
|
3,752
|
|
|
$
|
6,211
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales, buying
and occupancy
|
1,950
|
|
|
2,826
|
|
|
4,776
|
|
|
|
Gross margin
dollars
|
509
|
|
|
926
|
|
|
1,435
|
|
|
|
Gross margin
rate
|
20.7
|
%
|
|
24.7
|
%
|
|
23.1
|
%
|
|
|
|
|
|
|
|
|
|
|
Selling and
administrative
|
594
|
|
|
1,100
|
|
|
1,694
|
|
|
|
Selling and
administrative expense as a
percentage of total revenues
|
24.2
|
%
|
|
29.3
|
%
|
|
27.3
|
%
|
|
|
Depreciation and
amortization
|
19
|
|
|
95
|
|
|
114
|
|
|
|
Impairment
charges
|
2
|
|
|
52
|
|
|
54
|
|
|
|
Gain on sales of
assets
|
(143)
|
|
|
(383)
|
|
|
(526)
|
|
|
|
Total costs and expenses
|
2,422
|
|
|
3,690
|
|
|
6,112
|
|
|
|
Operating
income
|
$
|
37
|
|
|
$
|
62
|
|
|
$
|
99
|
|
|
|
|
|
|
|
|
|
|
|
Number of:
|
|
|
|
|
|
|
|
Kmart
Stores
|
963
|
|
|
—
|
|
|
963
|
|
|
|
Full-Line
Stores
|
—
|
|
|
711
|
|
|
711
|
|
|
|
Specialty
Stores
|
—
|
|
|
28
|
|
|
28
|
|
|
|
Total
Stores
|
963
|
|
|
739
|
|
|
1,702
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended
August 2, 2014
|
millions, except
store data
|
Kmart
|
|
Sears
Domestic
|
|
Sears
Canada
|
|
Sears
Holdings
|
Merchandise sales and
services
|
$
|
2,923
|
|
|
$
|
4,310
|
|
|
$
|
780
|
|
|
$
|
8,013
|
|
|
|
|
|
|
|
|
|
Cost of sales, buying
and occupancy
|
2,341
|
|
|
3,334
|
|
|
596
|
|
|
6,271
|
|
Gross margin
dollars
|
582
|
|
|
976
|
|
|
184
|
|
|
1,742
|
|
Gross margin
rate
|
19.9
|
%
|
|
22.6
|
%
|
|
23.6
|
%
|
|
21.7
|
%
|
|
|
|
|
|
|
|
|
Selling and
administrative
|
729
|
|
|
1,184
|
|
|
205
|
|
|
2,118
|
|
Selling and
administrative expense as a
percentage of total revenues
|
24.9
|
%
|
|
27.5
|
%
|
|
26.3
|
%
|
|
26.4
|
%
|
Depreciation and
amortization
|
24
|
|
|
110
|
|
|
18
|
|
|
152
|
|
Impairment
charges
|
2
|
|
|
3
|
|
|
15
|
|
|
20
|
|
Gain on sales of
assets
|
(31)
|
|
|
(3)
|
|
|
—
|
|
|
(34)
|
|
Total costs and expenses
|
3,065
|
|
|
4,628
|
|
|
834
|
|
|
8,527
|
|
Operating
loss
|
$
|
(142)
|
|
|
$
|
(318)
|
|
|
$
|
(54)
|
|
|
$
|
(514)
|
|
|
|
|
|
|
|
|
|
Number of:
|
|
|
|
|
|
|
|
Kmart
Stores
|
1,077
|
|
|
—
|
|
|
—
|
|
|
1,077
|
|
Full-Line
Stores
|
—
|
|
|
757
|
|
|
113
|
|
|
870
|
|
Specialty
Stores
|
—
|
|
|
36
|
|
|
319
|
|
|
355
|
|
Total
Stores
|
1,077
|
|
|
793
|
|
|
432
|
|
|
2,302
|
|
|
|
|
|
Sears Holdings
Corporation
|
Segment
Results
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Amounts are
Preliminary and Subject to Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 Weeks Ended
August 1, 2015
|
|
|
millions, except
store data
|
Kmart
|
|
Sears
Domestic
|
|
Sears
Holdings
|
|
|
Merchandise sales and
services
|
$
|
4,815
|
|
|
$
|
7,278
|
|
|
$
|
12,093
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales, buying
and occupancy
|
3,788
|
|
|
5,352
|
|
|
9,140
|
|
|
|
Gross margin
dollars
|
1,027
|
|
|
1,926
|
|
|
2,953
|
|
|
|
Gross margin
rate
|
21.3
|
%
|
|
26.5
|
%
|
|
24.4
|
%
|
|
|
|
|
|
|
|
|
|
|
Selling and
administrative
|
1,217
|
|
|
2,158
|
|
|
3,375
|
|
|
|
Selling and
administrative expense as a
percentage of total revenues
|
25.3
|
%
|
|
29.7
|
%
|
|
27.9
|
%
|
|
|
Depreciation and
amortization
|
39
|
|
|
197
|
|
|
236
|
|
|
|
Impairment
charges
|
2
|
|
|
52
|
|
|
54
|
|
|
|
Gain on sales of
assets
|
(161)
|
|
|
(472)
|
|
|
(633)
|
|
|
|
Total costs and expenses
|
4,885
|
|
|
7,287
|
|
|
12,172
|
|
|
|
Operating
loss
|
$
|
(70)
|
|
|
$
|
(9)
|
|
|
$
|
(79)
|
|
|
|
|
|
|
|
|
|
|
|
Number of:
|
|
|
|
|
|
|
|
Kmart
Stores
|
963
|
|
|
—
|
|
|
963
|
|
|
|
Full-Line
Stores
|
—
|
|
|
711
|
|
|
711
|
|
|
|
Specialty
Stores
|
—
|
|
|
28
|
|
|
28
|
|
|
|
Total
Stores
|
963
|
|
|
739
|
|
|
1,702
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 Weeks Ended
August 2, 2014
|
millions, except
store data
|
Kmart
|
|
Sears
Domestic
|
|
Sears
Canada
|
|
Sears
Holdings
|
Merchandise sales and
services
|
$
|
5,820
|
|
|
$
|
8,595
|
|
|
$
|
1,477
|
|
|
$
|
15,892
|
|
|
|
|
|
|
|
|
|
Cost of sales, buying
and occupancy
|
4,643
|
|
|
6,550
|
|
|
1,129
|
|
|
12,322
|
|
Gross margin
dollars
|
1,177
|
|
|
2,045
|
|
|
348
|
|
|
3,570
|
|
Gross margin
rate
|
20.2
|
%
|
|
23.8
|
%
|
|
23.6
|
%
|
|
22.5
|
%
|
|
|
|
|
|
|
|
|
Selling and
administrative
|
1,420
|
|
|
2,356
|
|
|
431
|
|
|
4,207
|
|
Selling and
administrative expense as a
percentage of total revenues
|
24.4
|
%
|
|
27.4
|
%
|
|
29.2
|
%
|
|
26.5
|
%
|
Depreciation and
amortization
|
47
|
|
|
224
|
|
|
36
|
|
|
307
|
|
Impairment
charges
|
2
|
|
|
8
|
|
|
15
|
|
|
25
|
|
(Gain) loss on sales
of assets
|
(52)
|
|
|
(29)
|
|
|
1
|
|
|
(80)
|
|
Total costs and expenses
|
6,060
|
|
|
9,109
|
|
|
1,612
|
|
|
16,781
|
|
Operating
loss
|
$
|
(240)
|
|
|
$
|
(514)
|
|
|
$
|
(135)
|
|
|
$
|
(889)
|
|
|
|
|
|
|
|
|
|
Number of:
|
|
|
|
|
|
|
|
Kmart
Stores
|
1,077
|
|
|
—
|
|
|
—
|
|
|
1,077
|
|
Full-Line
Stores
|
—
|
|
|
757
|
|
|
113
|
|
|
870
|
|
Specialty
Stores
|
—
|
|
|
36
|
|
|
319
|
|
|
355
|
|
Total
Stores
|
1,077
|
|
|
793
|
|
|
432
|
|
|
2,302
|
|
|
|
|
|
Sears Holdings
Corporation
|
Adjusted
EBITDA
|
(Unaudited)
|
|
|
|
|
|
|
Amounts are
Preliminary and Subject to Change
|
|
|
|
|
|
|
13 Weeks
Ended
|
|
26 Weeks
Ended
|
millions
|
August 1,
2015
|
|
August 2,
2014
|
|
August 1,
2015
|
|
August 2,
2014
|
Net income (loss)
attributable to Holdings per statement of operations
|
$
|
208
|
|
|
$
|
(573)
|
|
|
$
|
(95)
|
|
|
$
|
(975)
|
|
Loss attributable to
noncontrolling interests
|
—
|
|
|
(8)
|
|
|
—
|
|
|
(48)
|
|
Income tax expense
(benefit)
|
(221)
|
|
|
32
|
|
|
(203)
|
|
|
29
|
|
Interest
expense
|
85
|
|
|
72
|
|
|
175
|
|
|
143
|
|
Interest and
investment (income) loss
|
26
|
|
|
(32)
|
|
|
44
|
|
|
(36)
|
|
Other (income)
loss
|
1
|
|
|
(5)
|
|
|
—
|
|
|
(2)
|
|
Operating income
(loss)
|
99
|
|
|
(514)
|
|
|
(79)
|
|
|
(889)
|
|
Depreciation and
amortization
|
114
|
|
|
152
|
|
|
236
|
|
|
307
|
|
Gain on sales of
assets
|
(526)
|
|
|
(34)
|
|
|
(633)
|
|
|
(80)
|
|
Before excluded
items
|
(313)
|
|
|
(396)
|
|
|
(476)
|
|
|
(662)
|
|
|
|
|
|
|
|
|
|
Closed store reserve
and severance
|
(2)
|
|
|
40
|
|
|
37
|
|
|
68
|
|
Domestic pension
expense
|
57
|
|
|
23
|
|
|
114
|
|
|
45
|
|
Other(1)
|
(15)
|
|
|
—
|
|
|
(89)
|
|
|
—
|
|
Amortization of
deferred Seritage gain
|
(7)
|
|
|
—
|
|
|
(7)
|
|
|
—
|
|
Impairment
charges
|
54
|
|
|
20
|
|
|
54
|
|
|
25
|
|
Adjusted
EBITDA
|
(226)
|
|
|
(313)
|
|
|
(367)
|
|
|
(524)
|
|
|
|
|
|
|
|
|
|
Lands' End
separation
|
—
|
|
|
—
|
|
|
—
|
|
|
(10)
|
|
Adjusted EBITDA as
defined(2)
|
$
|
(226)
|
|
|
$
|
(313)
|
|
|
$
|
(367)
|
|
|
$
|
(534)
|
|
|
|
|
|
|
|
|
|
Sears Canada
segment
|
—
|
|
|
15
|
|
|
—
|
|
|
58
|
|
Domestic Adjusted
EBITDA as defined(2)
|
$
|
(226)
|
|
|
$
|
(298)
|
|
|
$
|
(367)
|
|
|
$
|
(476)
|
|
|
|
|
|
|
|
|
|
Seritage/JV
rent
|
26
|
|
|
—
|
|
|
26
|
|
|
—
|
|
Domestic Adjusted
EBITDA as defined(2) excluding Seritage/JV
rent
|
$
|
(200)
|
|
|
$
|
(298)
|
|
|
$
|
(341)
|
|
|
$
|
(476)
|
|
|
(1)
Consists of one-time credits from vendors, expenses associated with
legal matters, transaction costs associated with strategic
initiatives and other expenses.
|
(2)
Adjusted to reflect the results of the Lands' End business that
were included in our results of operations prior to the
separation.
|
Sears Holdings
Corporation
|
Adjusted
EBITDA
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Amounts are
Preliminary and Subject to Change
|
|
|
|
|
|
|
|
|
|
13 Weeks
Ended
|
|
August 1,
2015
|
|
August 2,
2014
|
millions
|
Kmart
|
Sears
Domestic
|
Sears
Holdings
|
|
Kmart
|
Sears
Domestic
|
Sears
Canada
|
Sears
Holdings
|
Operating
income
(loss) per
statement of
operations
|
$
|
37
|
|
$
|
62
|
|
$
|
99
|
|
|
$
|
(142)
|
|
$
|
(318)
|
|
$
|
(54)
|
|
$
|
(514)
|
|
Depreciation and
amortization
|
19
|
|
95
|
|
114
|
|
|
24
|
|
110
|
|
18
|
|
152
|
|
Gain on sales of
assets
|
(143)
|
|
(383)
|
|
(526)
|
|
|
(31)
|
|
(3)
|
|
—
|
|
(34)
|
|
Before excluded
items
|
(87)
|
|
(226)
|
|
(313)
|
|
|
(149)
|
|
(211)
|
|
(36)
|
|
(396)
|
|
|
|
|
|
|
|
|
|
|
Closed store reserve
and severance
|
5
|
|
(7)
|
|
(2)
|
|
|
27
|
|
7
|
|
6
|
|
40
|
|
Domestic pension
expense
|
—
|
|
57
|
|
57
|
|
|
—
|
|
23
|
|
—
|
|
23
|
|
Other(1)
|
—
|
|
(15)
|
|
(15)
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Amortization of
deferred Seritage gain
|
(1)
|
|
(6)
|
|
(7)
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Impairment
charges
|
2
|
|
52
|
|
54
|
|
|
2
|
|
3
|
|
15
|
|
20
|
|
Adjusted
EBITDA
|
(81)
|
|
(145)
|
|
(226)
|
|
|
(120)
|
|
(178)
|
|
(15)
|
|
(313)
|
|
% to
revenues
|
(3.3)%
|
|
(3.9)%
|
|
(3.6)%
|
|
|
(4.1)%
|
|
(4.1)%
|
|
(1.9)%
|
|
(3.9)%
|
|
|
|
|
26 Weeks
Ended
|
|
August 1,
2015
|
|
August 2,
2014
|
millions
|
Kmart
|
Sears
Domestic
|
Sears
Holdings
|
|
Kmart
|
Sears
Domestic
|
Sears
Canada
|
Sears
Holdings
|
Operating loss per
statement of operations
|
$
|
(70)
|
|
$
|
(9)
|
|
$
|
(79)
|
|
|
$
|
(240)
|
|
$
|
(514)
|
|
$
|
(135)
|
|
$
|
(889)
|
|
Depreciation and
amortization
|
39
|
|
197
|
|
236
|
|
|
47
|
|
224
|
|
36
|
|
307
|
|
(Gain) loss on sales
of assets
|
(161)
|
|
(472)
|
|
(633)
|
|
|
(52)
|
|
(29)
|
|
1
|
|
(80)
|
|
Before excluded
items
|
(192)
|
|
(284)
|
|
(476)
|
|
|
(245)
|
|
(319)
|
|
(98)
|
|
(662)
|
|
|
|
|
|
|
|
|
|
|
Closed store reserve
and severance
|
41
|
|
(4)
|
|
37
|
|
|
36
|
|
7
|
|
25
|
|
68
|
|
Domestic pension
expense
|
—
|
|
114
|
|
114
|
|
|
—
|
|
45
|
|
—
|
|
45
|
|
Other(1)
|
8
|
|
(97)
|
|
(89)
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Amortization of
deferred Seritage gain
|
(1)
|
|
(6)
|
|
(7)
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Impairment
charges
|
2
|
|
52
|
|
54
|
|
|
2
|
|
8
|
|
15
|
|
25
|
|
Adjusted
EBITDA
|
(142)
|
|
(225)
|
|
(367)
|
|
|
(207)
|
|
(259)
|
|
(58)
|
|
(524)
|
|
|
|
|
|
|
|
|
|
|
Lands' End
separation
|
—
|
|
—
|
|
—
|
|
|
—
|
|
(10)
|
|
—
|
|
(10)
|
|
Adjusted EBITDA as
defined(2)
|
$
|
(142)
|
|
$
|
(225)
|
|
$
|
(367)
|
|
|
$
|
(207)
|
|
$
|
(269)
|
|
$
|
(58)
|
|
$
|
(534)
|
|
%to revenues(3)
|
(2.9)%
|
|
(3.1)%
|
|
(3.0)%
|
|
|
(3.6)%
|
|
(3.2)%
|
|
(3.9)%
|
|
(3.4)%
|
|
|
(1)
Consists of one-time credits from vendors, expenses associated with
legal matters, transaction costs associated with strategic
initiatives and other expenses.
(2)
Adjusted to reflect the results of the Lands' End business that
were included in our results of operations prior to the
separation.
(3)
Excludes revenues of the Lands' End business that were included in
our results of operations prior to the separation.
|
|
Sears Holdings
Corporation
|
|
Adjusted Earnings
per Share
|
|
(Unaudited)
|
|
|
Amounts are
Preliminary and Subject to Change
|
|
|
13 Weeks Ended
August 1, 2015
|
|
|
Adjustments
|
millions, except
per share data
|
GAAP
|
Domestic Pension
Expense
|
Domestic
Closed Store Reserve, Store Impairments and
Severance
|
Domestic Gain on
Sales of Assets
|
Mark-to-Market
Adjustments
|
Amortization of
Deferred Seritage Gain
|
Other(1)
|
Domestic Tax
Matters
|
As
Adjusted
|
Gross margin
impact
|
$
|
1,435
|
|
$
|
—
|
|
$
|
5
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(7)
|
|
$
|
(33)
|
|
$
|
—
|
|
$
|
1,400
|
|
Selling and
administrative impact
|
1,694
|
|
(57)
|
|
7
|
|
—
|
|
—
|
|
—
|
|
(18)
|
|
—
|
|
1,626
|
|
Depreciation and
amortization impact
|
114
|
|
—
|
|
(2)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
112
|
|
Impairment charges
impact
|
54
|
|
—
|
|
(54)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Gain on sales of
assets impact
|
(526)
|
|
—
|
|
—
|
|
508
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(18)
|
|
Operating income
impact
|
99
|
|
57
|
|
54
|
|
(508)
|
|
—
|
|
(7)
|
|
(15)
|
|
—
|
|
(320)
|
|
Interest and
investment loss impact
|
(26)
|
|
—
|
|
—
|
|
—
|
|
23
|
|
—
|
|
—
|
|
—
|
|
(3)
|
|
Income tax benefit
impact
|
221
|
|
(21)
|
|
(20)
|
|
190
|
|
(9)
|
|
2
|
|
6
|
|
(216)
|
|
153
|
|
After tax and
noncontrolling interests impact
|
208
|
|
36
|
|
34
|
|
(318)
|
|
14
|
|
(5)
|
|
(9)
|
|
(216)
|
|
(256)
|
|
Diluted earnings per
share impact
|
$
|
1.84
|
|
$
|
0.32
|
|
$
|
0.30
|
|
$
|
(2.81)
|
|
$
|
0.12
|
|
$
|
(0.04)
|
|
$
|
(0.08)
|
|
$
|
(1.91)
|
|
$
|
(2.40)
|
|
|
|
|
13 Weeks Ended
August 2, 2014
|
|
|
Adjustments
|
|
millions, except
per share data
|
GAAP
|
Domestic
Pension
Expense
|
Domestic Closed
Store Reserve, Store Impairments and Severance
|
Domestic Gain on
Sales of Assets
|
Domestic Tax
Matters
|
Sears Canada
Segment
|
As
Adjusted(2)
|
Gross margin
impact
|
$
|
1,742
|
|
$
|
—
|
|
$
|
10
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(184)
|
|
$
|
1,568
|
|
Selling and
administrative impact
|
2,118
|
|
(23)
|
|
(24)
|
|
—
|
|
—
|
|
(205)
|
|
1,866
|
|
Depreciation and
amortization impact
|
152
|
|
—
|
|
(1)
|
|
—
|
|
—
|
|
(18)
|
|
133
|
|
Impairment charges
impact
|
20
|
|
—
|
|
(5)
|
|
—
|
|
—
|
|
(15)
|
|
—
|
|
Gain on sales of
assets impact
|
(34)
|
|
—
|
|
—
|
|
10
|
|
—
|
|
—
|
|
(24)
|
|
Operating loss
impact
|
(514)
|
|
23
|
|
40
|
|
(10)
|
|
—
|
|
54
|
|
(407)
|
|
Interest expense
impact
|
(72)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
|
(70)
|
|
Interest and
investment income impact
|
32
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(24)
|
|
8
|
|
Other income
impact
|
5
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(5)
|
|
—
|
|
Income tax expense
impact
|
(32)
|
|
(9)
|
|
(15)
|
|
4
|
|
238
|
|
(10)
|
|
176
|
|
Loss attributable to
noncontrolling interests impact
|
8
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(8)
|
|
—
|
|
After tax and
noncontrolling interests impact
|
(573)
|
|
14
|
|
25
|
|
(6)
|
|
238
|
|
9
|
|
(293)
|
|
Diluted loss per
share impact
|
$
|
(5.39)
|
|
$
|
0.13
|
|
$
|
0.24
|
|
$
|
(0.06)
|
|
$
|
2.24
|
|
$
|
0.08
|
|
$
|
(2.76)
|
|
|
(1)
Consists of one-time credits from vendors and transaction costs
associated with strategic initiatives.
(2) Adjusted to reflect the results of the Sears Canada
business that were included in our results prior to the
disposition.
|
Sears Holdings
Corporation
|
Adjusted Earnings
per Share
|
(Unaudited)
|
|
Amounts are
Preliminary and Subject to Change
|
|
|
26 Weeks Ended
August 1, 2015
|
|
|
Adjustments
|
|
millions, except
per share data
|
GAAP
|
Domestic Pension
Expense
|
Domestic Closed Store Reserve, Store Impairments
and
Severance
|
Domestic Gain on
Sales of Assets
|
Mark-to-Market
Adjustments
|
Amortization of
Deferred Seritage Gain
|
Other(1)
|
Domestic Tax
Matters
|
As
Adjusted
|
Gross margin
impact
|
$
|
2,953
|
|
$
|
—
|
|
$
|
11
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(7)
|
|
$
|
(126)
|
|
$
|
—
|
|
$
|
2,831
|
|
Selling and
administrative impact
|
3,375
|
|
(114)
|
|
(26)
|
|
—
|
|
—
|
|
—
|
|
(37)
|
|
—
|
|
3,198
|
|
Depreciation and
amortization impact
|
236
|
|
—
|
|
(2)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
234
|
|
Impairment
charges
|
54
|
|
—
|
|
(54)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Gain on sales of
assets impact
|
(633)
|
|
—
|
|
—
|
|
604
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(29)
|
|
Operating loss
impact
|
(79)
|
|
114
|
|
93
|
|
(604)
|
|
—
|
|
(7)
|
|
(89)
|
|
—
|
|
(572)
|
|
Interest and
investment loss impact
|
(44)
|
|
—
|
|
—
|
|
—
|
|
42
|
|
—
|
|
—
|
|
—
|
|
(2)
|
|
Income tax benefit
impact
|
203
|
|
(43)
|
|
(35)
|
|
226
|
|
(16)
|
|
2
|
|
33
|
|
(89)
|
|
281
|
|
After tax and
noncontrolling interests impact
|
(95)
|
|
71
|
|
58
|
|
(378)
|
|
26
|
|
(5)
|
|
(56)
|
|
(89)
|
|
(468)
|
|
Diluted loss per
share impact
|
$
|
(0.89)
|
|
$
|
0.67
|
|
$
|
0.55
|
|
$
|
(3.55)
|
|
$
|
0.24
|
|
$
|
(0.05)
|
|
$
|
(0.52)
|
|
$
|
(0.84)
|
|
$
|
(4.39)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 Weeks Ended
August 2, 2014
|
|
|
Adjustments
|
|
millions, except
per share data
|
GAAP
|
Domestic
Pension
Expense
|
Domestic
Closed Store Reserve, Store Impairments and
Severance
|
Domestic Gain on
Sales of Assets
|
Domestic Tax
Matters
|
Sears Canada
Segment
|
Lands' End
Separation
|
As
Adjusted(2)
|
Gross margin
impact
|
$
|
3,570
|
|
$
|
—
|
|
$
|
17
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(348)
|
|
$
|
(87)
|
|
$
|
3,152
|
|
Selling and
administrative impact
|
4,207
|
|
(45)
|
|
(26)
|
|
—
|
|
—
|
|
(431)
|
|
(77)
|
|
3,628
|
|
Depreciation and
amortization impact
|
307
|
|
—
|
|
(1)
|
|
—
|
|
—
|
|
(36)
|
|
(3)
|
|
267
|
|
Impairment charges
impact
|
25
|
|
—
|
|
(10)
|
|
—
|
|
—
|
|
(15)
|
|
—
|
|
—
|
|
Gain on sales of
assets impact
|
(80)
|
|
—
|
|
—
|
|
23
|
|
—
|
|
(1)
|
|
—
|
|
(58)
|
|
Operating loss
impact
|
(889)
|
|
45
|
|
54
|
|
(23)
|
|
—
|
|
135
|
|
(7)
|
|
(685)
|
|
Interest expense
impact
|
(143)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4
|
|
—
|
|
(139)
|
|
Interest and
investment income impact
|
36
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(26)
|
|
—
|
|
10
|
|
Other income
impact
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2)
|
|
—
|
|
—
|
|
Income tax expense
impact
|
(29)
|
|
(17)
|
|
(20)
|
|
9
|
|
371
|
|
(12)
|
|
3
|
|
305
|
|
Loss attributable to
noncontrolling interest impact
|
48
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(48)
|
|
—
|
|
—
|
|
After tax and
noncontrolling interest impact
|
(975)
|
|
28
|
|
34
|
|
(14)
|
|
371
|
|
51
|
|
(4)
|
|
(509)
|
|
Diluted loss per
share impact
|
$
|
(9.17)
|
|
$
|
0.26
|
|
$
|
0.32
|
|
$
|
(0.13)
|
|
$
|
3.49
|
|
$
|
0.48
|
|
$
|
(0.04)
|
|
$
|
(4.79)
|
|
|
(1)
Consists of one-time credits from vendors, expenses associated with
legal matters, transaction costs associated with strategic
initiatives and other expenses.
|
(2)
Adjusted to reflect the results of the Lands' End and Sears Canada
businesses that were included in our results prior to the
separation/disposition.
|
NEWS MEDIA CONTACT:
Sears Holdings Public
Relations
(847) 286-8371
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sears-holdings-reports-second-quarter-2015-results-300131059.html
SOURCE Sears Holdings Corporation