** charts before earnings **
** charts after earnings **
Sears Holdings misses by $0.02, beats on revs (single estimate) :
- Reports Q3 (Oct) loss of $2.86 per share, excluding non-recurring items, $0.02 worse than the single analyst estimate of ($2.84); revenues fell 20.2% year/year to $5.75 bln vs the $5.51 bln single analyst estimate, with a significant portion of the decline related to actions taken by the Company to streamline our operations and focus on our transformation into a member-centric retailer. The decrease in revenue included a decrease of $611 million associated with Sears Canada, which was de-consolidated in October 2014, and $358 million as a result of fewer Kmart and Sears Full-line stores.
- Comps declined 8.6% during the quarter, comprised of decreases of 7.5% and 9.6% at Kmart and Sears Domestic, respectively, which accounted for $417 million of the revenue decline.
- At Kmart, comparable store sales increased in the home appliances and mattresses categories, but were offset by declines in apparel, consumer electronics, grocery & household 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 6.4%.
- 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 8.2%, primarily driven by decreases in apparel, lawn & garden, tools, footwear and Sears Auto Centers, which were partially offset by an increase in the mattresses category.
- Domestic Adjusted EBITDA of $(280) million, excluding Seritage Growth Properties and joint venture rent, in the third quarter of 2015 compared to $(296) million in the prior year third quarter, which is the fifth consecutive quarter of improved Adjusted EBITDA performance on a year-over-year basis.
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