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May 22, 2014
06:04 EDTSHLDSears reports Q1 EPS ($3.79), consensus ($1.87)
Reports Q1 revenue $7.88B, consensus $7.71B. Sears Domestic experienced comparable store sales growth of 0.2% as compared to a 2.4% decline last year, despite the continuing impact of consumer electronics industry trends. Excluding the impact of consumer electronics, comparable store sales growth would have been 0.8%. Kmart comparable stores sales were down 2.2% as compared to a 4.6% decline last year, also despite the continuing impact of consumer electronics industry trends, as well as the impact of our grocery & household goods business. Excluding the impact of both, comparable store sales would have declined 0.4%. Edward S. Lampert, Sears Holdings' chairman and CEO, stated, "Sears is undergoing a significant transformation, and we fundamentally are changing the way we do business," said Edward S. Lampert, Sears Holdings' Chairman and Chief Executive Officer. "Our performance in Q1 highlights the challenges we are facing as well as the progress we are making in this transformation. We are moving away from a company that was heavily based on selling products solely through a store-based network to a member-centric business model focused on providing benefits to our members anytime and anyplace. We are seeing progress in our transformation to a member-centric, integrated retailer, as we continue to invest heavily in driving our Shop Your Way program. Member sales for Q1 represented their highest level ever, representing 74% of eligible sales. Points redemptions also increased substantially, demonstrating that our members are becoming more engaged with the program and taking advantage of the points that they are earning. While this progress continued, the biggest negative contributor to sales has been from our consumer electronics business at both Sears and Kmart. Without the poor performance of the consumer electronics business, our Sears Domestic comparable store sales would have been positive 0.8%, as compared to positive 0.2%. Finally, as we invest in our new program and platforms, we are continuing to bear the costs of two promotional models, which adversely impacts our margins."
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