sears stock buy-back $140 august 2007

August 14, 2007 By BLOOMBERG NEWS The Sears Holdings Corporation, the biggest United States department store company, said yesterday that it planned to buy back $1.5 billion in stock. Sears also said second-quarter profit dropped as much as 42 percent, within analysts’ reduced forecasts, after it cut prices on seasonal clothing. The stock gained $7.45, or 5.6 percent, to $140.55. Sears has already spent $3 billion on stock since 2005 . Sales have declined at both the Sears and Kmart stores since the company’s chairman, Edward S. Lampert, combined them in 2005. Mr . Lampert has said Sears may buy other companies and may pursue targets outside the retailing industry. “He hasn’t found anything yet that he wants to buy, so why not invest in his own company?” said Scott Rothbort, president of LakeV iew Asset Management in Millburn, N.J., which owns Sears shares. Second-quarter net income was $170 million to $185 million, or $1.13 to $1.23 a share, for the three months through Aug. 4. In July , Sears forecast $160 million to $200 million for the period, or $1.06 to $1.32 a share. Analysts had estimated profit of $2.07 a share. Profit included a gain of $9 million, or 6 cents a share, from bankruptcy-related settlements, insurance claims and investments, the company said yesterday. For the second quarter of last year, Sears had net income of $294 million, or $1.88 a share. Second-quarter sales at stores open at least a year fell 4.3 percent at Sears stores and 3.8 percent at Kmart. Sears said it planned to release more detailed second-quarter results on or before Aug. 30.

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Article on Sears Stock buy back for $140

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August 14, 2007By BLOOMBERG NEWS

The Sears Holdings Corporation, the biggest United States department store company, said yesterday that it planned to buy back $1.5 billion in stock.

Sears also said second-quarter profit dropped as much as 42 percent, within analysts reduced forecasts, after it cut prices on seasonal clothing.

The stock gained $7.45, or 5.6 percent, to $140.55.

Sears has already spent $3 billion on stock since 2005. Sales have declined at both the Sears and Kmart stores since the companys chairman, Edward S. Lampert, combined them in 2005.

Mr. Lampert has said Sears may buy other companies and may pursue targets outside the retailing industry.

He hasnt found anything yet that he wants to buy, so why not invest in his own company? said Scott Rothbort, president of LakeView Asset Management in Millburn, N.J., which owns Sears shares.

Second-quarter net income was $170 million to $185 million, or $1.13 to $1.23 a share, for the three months through Aug. 4. In July, Sears forecast $160 million to $200 million for the period, or $1.06 to $1.32 a share. Analysts had estimated profit of $2.07 a share.

Profit included a gain of $9 million, or 6 cents a share, from bankruptcy-related settlements, insurance claims and investments, the company said yesterday. For the second quarter of last year, Sears had net income of $294 million, or $1.88 a share.

Second-quarter sales at stores open at least a year fell 4.3 percent at Sears stores and 3.8 percent at Kmart. Sears said it planned to release more detailed second-quarter results on or before Aug. 30.