Disclaimer: I was once an employee at a division of Sears Holding Corp.
The claim in the title of this business page piece--"Sears Turnaround Push Paying Off Despite Ongoing Sales Slide"--based on the information contained there is just a bit specious to say the least. The writers note that net sales at Sears were down 2.6% for the quarter, while its sister division, Kmart was down 4.7%. The company lost $132 million or $1.25 per share, compared to last year when it lost $146 million or $1.32 per share. This article came the same week that Sears competitors Target and Home Depot adjusted their yearly outlooks upward based on their reported sales, and Wal-Mart posted a solid increase.
Can anyone explain to me how in the fuck this shows Sears "turnaround push" is paying off? The company absolutely got its ass kicked again--no sales and no profits--and that constitutes good news? This is just another in a long line of reasons why Social Security should never be privatized--we cannot depend on the media to play it straight and give us the truthful information we need to make informed decisions (and God knows Wall Street and Corporate America won't). The plain truth of the matter is that Sears Holding Corp. continues to fail like it has for at least the last ten years and there is no sign whatsoever that it is headed in a profitable direction anytime soon.
By the way, the non-statistical remainder of the piece was basically puff that could have been written (and may have been) by a Sears flunky in their communications department.
Just more hard hitting journalism from the Associated Press.
Peace,
emaycee
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment