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Dec. 10, 2015, 11:12 AM
- Warren Buffett's 8.02% stake in Seritage Growth Properties (SRG +13.4%) is Warren Buffett's stake - not Berkshire Hathaway's.
- To refresh, Sears Holdings (SHLD +5.1%) sold about 250 of its Sears and Kmart stores this year to newly-formed Seritage Growth Properties, which in turn leased most of the properties back to SHLD.
- Previously: Buffett discloses stake in Sears' REIT (Dec. 10)
Dec. 3, 2015, 6:30 AM
- Sears Holdings (NASDAQ:SHLD) reports domestic comparable-store sales fell 8.6% in Q3.
- Sears domestic comp dropped 9.6% and the Kmart comps declined 7.5%.
- Segment sales: Kmart: $2.247B (-17%); Sears Domestic: $3.503B (-9.9%).
- Gross margin rate decreased 30 bps to 21.9%.
- Adjusted gross margin rate increased 110 bps to 21.7%.
- SG&A expense rate grew 40 bps to 28.3%.
- Adjusted SG&A expense rate expanded 260 bps to 27.4%.
- Merchandise inventory -4% to $6.208B.
- Store count -562 Y/Y to 1,687.
Nov. 30, 2015, 10:31 AM
- Department stores stocks are down across the board after reports of weak Black Friday traffic and pricing work turn sentiment sour.
- Sears Canada (SRSC -1.5%), Sears Holdings (SHLD -3.3%), Dillard's (DDS -3.2%), J.C. Penney (JCP -2.4%), Macy's (M -1.2%), Nordstrom (JWN -1.2%), and Kohl's (KSS -0.9%) are all lower.
- The SPDR S&P Retail ETF (NYSEARCA:XRT) is down 1.27%, although the damage could be worse if the underlying index didn't hold four internet retailers (Netflix, Amazon, Shutterfly, TripAdvisor) as top ten positions.
Aug. 20, 2015, 11:00 AM
- Shares of Sears Holdings (SHLD -4.8%) slide as once again comparable-store sales fall for both the Sears and Kmart chains. An earnings beat and a boost to the bottom line from real estate sales haven't been enough to divert the attention of many investors.
- Evercore ISI points out the cash burn this quarter at Sears is as bad as ever. Sears has used $832M during the first six months of its fiscal year to fund operations, compared to the $732M spent last year to keep it running over the same period.
- Previously: Sears Holdings beats by $0.10, beats on revenue (Aug. 20 2015)
- Previously: More on Sears Holdings' Q2 (Aug. 20 2015)
Aug. 20, 2015, 6:46 AM
- Sears Holdings (NASDAQ:SHLD) reports domestic comparable-store sales fell 10.8% in Q2.
- Sears domestic comp decreased 14% and the Kmart comps declined 7.3%.
- Segment sales: Kmart: $2.459B (-15.87%); Sears Domestic: $3.752B (-12.95%).
- Gross margin rate grew 140 bps to 23.1%.
- Adjusted gross margin rate improved 290 bps to 22.5%.
- SG&A expense rate increased 90 bps to 27.3% & adjusted SG&A rate +290 bps to 26.2%.
- Merchandise inventory dropped 21.2%% to $5.028B.
- Store count -600 Y/Y to 1,702.
Aug. 3, 2015, 11:20 AM
- Shares of Sears Holdings (SHLD -7.5%) fall to multi-year lows as investors focus on the company's soft underlying sales trends.
- Though the department store chain expects to disclose a thinner EBITDA loss in Q2 and has boosted its cash position through a credit line extension and real estate conversion, traffic slides at Sears and Kmart stores continue to pressure.
- Sears will report full results on August 20.
- Previously: Sears Holdings updates on Q2 performance
Jun. 10, 2015, 12:53 PM
Jun. 9, 2015, 5:37 PM
Jun. 8, 2015, 9:04 AM
- Shares of Sears Holdings (NASDAQ:SHLD) are higher in premarket action after the company said it expects the SEC to declare the REIT it's creating to be declared effective this week.
- A rights offering for the REIT could arrive to the market for trading as early as Friday.
- Previously: Sears finally forms REIT (Apr. 01 2015)
- Previously: More on Sears Holdings' Q1 (Jun. 08 2015)
- SHLD +4.2% premarket to $42.45.
Jun. 8, 2015, 7:24 AM
- Sears Holdings (NASDAQ:SHLD) reports domestic comparable-store sales fell 10.9% in Q1.
- The comp for Sears chain fell 14.5% and the Kmart comps declined 7%.
- Segment sales: Kmart: $2.356B (-18.67%); Sears Domestic: $3.526B (-17.71%).
- Gross margin rate increased 260 bps to 25.8%.
- Adjusted gross margin rate improved 423 bps to 24.33%.
- SG&A expense rate grew 210 bps to 28.6% & adjusted SG&A rate +437 bps to 26.73%.
- Merchandise inventory -24.86% to $5.054B.
- Store count -647 Y/Y to 1,716.
- SHLD +2.85% premarket.
Jun. 5, 2015, 2:12 PM
- Sears Holdings (SHLD -4.7%) is lower while former unit Sears Hometown and Outlet Stores (SHOS +22.9%) rallies strongly after earnings.
- Sears Hometown noted it paid lower commissions for online transactions to Sears Holdings in Q1, although retail analysts think there's more to the wide divergence in shares today.
- Previously: Sears Hometown and Outlet reports Q1 results (June 5)
- Previously: More on Sears Hometown and Outlet Stores' Q1 (June 5)
May 28, 2015, 5:40 PM
Apr. 13, 2015, 7:12 AM
- Sears Holdings (NASDAQ:SHLD) brings in another $114M in cash by contributing ten properties valued at $228M located at Simon (NYSE:SPG) malls to a JV between it and Simon (Simon is putting up the $114M for a 50% interest in the JV).
- Sears will lease back the properties and continue to operate the stores.
- In a separate deal, Simon has agreed to buy a Sears Holding property at a Texas mall.
- SHLD +2.1% premarket.
Apr. 1, 2015, 9:13 AM
Apr. 1, 2015, 8:08 AM
- After what seems like a decade or more of the idea being tossed around, Sears Holdings (NASDAQ:SHLD) announces the formation of Seritage Growth Properties which will buy roughly 254 of the company's Sears and Kmart stores (SHLD owns or leases 1,725 Sears and Kmarts).
- Proceeds to SHLD are expected to be north of $2.5B, and in turn the company will lease back the stores from Seritage and continue to operate them.
- Seritage will raise part of the necessary funds through a rights offering. Eddie Lampert and his associated funds intend to exercise their pro rata portion of the subscription rights in full.
- Seritage Growth Properties prospectus
- Shares +6.9% premarket
- Previously: Sears Holdings enters into real estate JV with General Growth Properties (April 1)
Apr. 1, 2015, 6:59 AM
- Sears Holdings (NASDAQ:SHLD) announces it entered into a real estate joint venture with General Growth Properties (NYSE:GGP).
- The company will contribute 12 properties to the JV at malls controlled by General Growth Properties in exchange for a 50% interest in the entity.
- The transaction values the exchanged Sears properties at $330M.
- SHLD +3.9% premarket.
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