Sears Holdings Q2 Profit Falls; Sees Flat to Modest Comps Decline in Rest Of Year - Update 1
Thursday August 28, 2008 07:23:00 EDT

(RTTNews) - Thursday, broadline retailer Sears Holdings Corp. (SHLD) reported a 62.4% fall in profit for the second quarter, due to lower sales and comparable store sales on increasing competition and slowing economy. Looking ahead, the company expects flat to modest comparable store sales decline for the rest of the year, and higher EBITDA in the second half. Further, the company lowered its full year EBITDA forecast.

Net income was $65 million or $0.50 per share in the second quarter, lower than $173 million or $1.15 per share recorded in the same quarter last year.

The second-quarter 2008 results included the positive impact of the reversal of a $37 million or $0.29 per share reserve. Excluding the item, earnings per share wer (continued...)