Sears' sales woes cut into investor patience |
| Chicago Tribune - Jul 11, 2007 |
Billionaire investor Edward Lampert is discovering what retailers have known all along: Sales growth matters.
After becoming chairman of Sears Holdings Corp., the hedge fund guru famously flouted a long-standing retail truism that same-stores sales are the best measure of a retailer's health, saying in a March 2006 letter to shareholders that the metric is "vastly overrated."
On Tuesday, it became increasingly apparent that Sears shareholders are starting to question Lampert's reasoning. Sears shares plummeted 10 percent, to $154.21, the biggest drop in more than four years, after the company warned that sales at stores open at least a year are falling about 4 percent for the nine weeks through July, more than Wall Street had expected.
Read Full Article from Chicago Tribune
- Posted: 2007-07-11 10:12:21
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