Revenue -721million
Net loss to share holders -454million
Ebitda -375 million for 3rd q
Margin -300 million vs ly 3rd
Inventory down from 6.2b to 4.9b
Outstanding accounts payable debt on that inventory 1.6b to 2.3b
Debt increased from 2.2b to 3.7b
Cash on hand: borrowed 618m during the quarter, total cash on hand for the entire company is now 258 million
There will be no inventory because if any supplier ships to SHC now they should have their head examined or be fired. I work for Sears and if anyone thinks this can work without at least a billion being invested they are crazy. We have no paper or ink for our printers, no toilet paper or soap in the bathrooms. Broken down registers, no loss prevention, no employees to help customers (during Christmas), shelves that are empty (after closing stores), vendors taking their merchandise from our store. Our shelving is rusted and falling apart, the HVAC hasn't worked since the spring, the roof leaks, the floor tile and carpet are pulling up, their is mold growing in our stockroom, we have roaches and mice everywhere (they cut our pest control last year) and we hire 10 employees and 11 quit. The most senior employee we have (excluding managers) has three years and then the rest have less than 6 months. It is over.
Gross margins at Sears Holdings are so bad they make Walmart look like a high end boutique store. The company had to give merchandise away just to keep the sales decline under 10%. They can't show a single positive number. And still Lampert issues a slide presentation called "The Transformation Report". Unbelievable.
It's been a long time coming but it's really hard to see how this trainwreck can last more than a few more months. 80% of what they are calling liquid assets is tied up in inventory. This means they will cutting inventory more next year to fuel the cash furnace. And of course there will be more cuts to payroll hours and personnel.
err loss was $748 million not $454 million - that was last years loss... unreal....