We're not in Greenwich anymore

29 November 2007 By John Christy

Sears is either a struggling secondtier retailer or a hedge fund in disguise. Today’s disappointing results make it look more like the former. Of course, Eddie Lampert may have a few tricks up his sleeve. If he does, it’s time to let shareholders know.

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Sears reported thirdquarter net income of $0.01 a share, down from $0.86 one year ago (excluding gains). That was far less than analyst estimates of $0.50 a share. The company said that the decline in income was primarily due to a $223m falloff in gross margin rates for the quarter.

"We are very disappointed in our performance for the third quarter. We cannot blame our results entirely on the retail and macroeconomic environments. We have much on which to improve and are working hard to do so," said Aylwin Lewis, Sears Holdings' chief executive officer and president.

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