Sears Boosts Buyback, Reports Profit; Shares Rise |
| Bloomberg - Aug 13, 2007 |
Sears Holdings Corp., the biggest U.S. department-store company, said it was boosting its share repurchase program and reported second-quarter profit that was within the retailer's estimate.
The board of directors authorized a share buyback of as much as $1.5 billion. 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.
Sales have languished since Chairman Edward Lampert combined Sears, Roebuck & Co. with Kmart Holding Corp. in 2005 and the company said profit dropped as it cut prices on seasonal apparel. Lampert has said Sears may buy other companies and any purchases may not be limited to the retail industry.
Read Full Article from Bloomberg
- Posted: 2007-08-13 10:39:05
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