Eddie Lampert, formerly of Belle Haven, now a resident of Florida, continues his losing ways: Sears results down again. Geeze, he’s even managed to destroy the appliance division, which used to be a valuable asset.
Sears Holdings had a second-quarter loss of $194 million, steeper than the year-ago loss of $132 million and far wider than analysts had expected.
Investors ran for the exits on the news, pushing Sears’ stock down 8.2 percent to $39.72.
Sales and margins deteriorated in key categories like appliances, where Sears’s Kenmore brand once had been dominant.
“We recognize how important it is to improve the profitability of our company and I am disappointed that we did not deliver a better result,” Lampert said in a statement yesterday.
Lampert has made similar statements almost every quarter since he merged Sears and Kmart in 2005 to form Sears Holdings, critics said.
Since then, Lampert has harvested the retailer’s cash by slashing spending on stores and selling off many of its best locations and most profitable businesses.
While Lampert insists he aims to turn things around, some critics say he is managing a slow, systematic liquidation.
“Time does not appear to be on the side of this company,” [Credit Suisse analyst] Balter said.