It is that real estate that now holds most of the firm’s value. In its earnings report, Sears claimed property, plant and equipment assets valued at $5.91 billion. The company’s market cap this morning, following a dive of 17% in its stock price, is less than $5.2 billion. There might be a lesson here.

Sears operates more than 2,500 retail locations in the United States and Canada, including its Kmart stores. In its annual 10-K filing for 2012, Sears put a value of $1.875 billion on its land, $6.1 billion on its buildings and improvements, and $347 million on capital leases. That could be a good start on converting the company to a REIT.

Sure Simon Property Group Inc. (NYSE: SPG) and General Growth Properties Inc. (NYSE: GGP) would be many times larger, but at least Sears would be playing in a ballpark where it has a chance to compete. As it stands now, the company appears to headed for death by a thousand cuts.

Sears stock is down 16.6% in late morning trading, at $48.47 in a 52-week range of $38.40 to $68.77.

Same-store sales fell 17% and direct-to-consumer sales fell 6% for a combined decline of 15%. Gross margin rose 7.2 points year-over-year to 65.9%

A&F revised its fiscal year guidance from an expected EPS range of $3.35 to $3.45 to a new range of $3.15 to $3.25. For the second quarter the company expects EPS in the range of $0.28 to $0.33.

The consensus estimate for full-year EPS was $3.49 and the second-quarter estimate was $0.31. The lower guidance coupled with the bad miss on revenues foreshadows a beating on A&F’s stock today.

The company’s CEO said:

The first quarter proved to be more difficult than expected on the top-line due to more significant inventory shortage issues than anticipated, added to by external pressures. However, comparable sales trends progressively improved during the quarter and with the inventory headwinds largely behind us, we expect to see continued sequential improvement in the second quarter.

A&F needs to get its story straight. The CEO says comparable sales will improve. In the company’s outlook, the drop in expected full-year EPS “assumes comparable sales, including direct-to-consumer to be slightly down for the balance of the year.” Sales will not get better and worse at the same time, no matter how hard A&F tries to make it happen.

Shares are trading down nearly 11%, at $48.59 in a 52-week range of $28.64 to $55.23. The consensus target price for the shares was around $54.00 before today’s report.

Same-store sales rose 2.1% in the first quarter, a decent showing considering first-quarter sales in 2012 jumped 5.6%. Operating margin rose to 11.6% and gross margin also climbed to 35.2%.

The company guided second-quarter sales in a range of $1.81 to $1.86 billion and EPS at $0.52 to $0.57. Consensus estimates call for Dollar Tree to come in at the top end of both revenue and EPS guidance. The company’s first-quarter results came in within its earlier guidance, so it is not unreasonable to conclude that second-quarter results could be lower than analysts are currently estimating.

For the full year, Dollar Tree now guides revenues at $7.81 to $7.97 billion, again putting in a lower bottom and a somewhat higher top. EPS is guided at $2.61 to $2.77, which is higher than the company’s previous EPS estimate of $2.54 to $2.74. The consensus analysts’ estimates call for full-year revenues of $7.94 billion and EPS of $2.79.

The company’s CEO offered a bit of cheerleading:

Sales continued to grow, our earnings per share increased by 18% and we achieved the highest first-quarter operating margin in the Company’s history. Our stores are executing at a high level and we are well positioned with great assortments and the best values ever for Memorial Day, Graduation and an exciting summer selling season.

Dollar Tree’s shares are up 2.5% in premarket trading this morning, at $49.60 in a 52-week range of $37.12 to $56.81. Thomson Reuters had a consensus analyst price target of around $49.20 before today’s results were announced.

On a GAAP basis, Target’s diluted EPS for the quarter totaled $0.77, which excludes a loss of $0.41 per share related to early repayment of debt, a loss of $0.24 related to the company’s Canadian segment and a one-time gain of $0.36 related to the sale of the store’s consumer credit card receivables portfolio.

For the second quarter, Target guided adjusted EPS at $1.09 to $1.19. For the full year the company expects to post adjusted EPS of $4.70 to $4.90, a significant drop from the previous guidance of $4.85 to $5.05. The consensus estimates call for second-quarter EPS of $1.06 and full-year EPS of $5.54.

The company’s CEO said:

Target’s first quarter earnings were below expectations as a result of softer-than-expected sales, particularly in apparel and other seasonal and weather-sensitive categories. While we are disappointed in our first quarter performance, we remain confident in our strategy, and we continue to invest in initiatives, including Canada, our digital channels and CityTarget, that will drive Target’s long-term growth.

At the end of the fourth quarter of 2012, Target had forecast EPS for the first quarter at $1.10 to $1.20. The consensus estimate at the time was $1.05, which dropped by 17% over the course of the first quarter. The CEO’s disappointment is not as bad as it could have been.

Same-store sales fell by 0.6% in the first quarter, compared with a gain of 5.3% in the same period a year ago. The number of transactions was also down by 1.9%, though the average transaction amount rose by 1.3%. In the first quarter a year ago, transactions were up 2% and the average transaction amount was 3.2% higher.

Gross margins in the United States rose 0.5% year-over-year in the quarter to 30.7%. Gross margin in the company’s Canadian segment totaled 33%.

Shares are down 2.3% in premarket trading, at $69.60 in a 52-week range of $54.93 to $71.91. Thomson Reuters had a consensus analyst price target of around $73.05 before today’s results were announced.

On a GAAP basis, the company posted EPS of $0.13, which included store closing costs and a noncash loss on early extinguishment of debt.

In its guidance statement, Saks increased its estimate of SG&A expenses by $5 million to $6 million and another $5 million to $6 million associated with the start-up of its OFF5TH ecommerce project. The store expects same-store sales growth of 4% to 6% for the remainder of the year. In the first quarter, Saks posted same-store sales growth of 5.9%, much better than the 2.6% consensus estimate.

Gross margins are forecast to be relatively flat for the rest of the year. Gross margins in the first quarter came in at 44.4%, flat with the same period a year ago.

The company’s chairman/CEO said:

Several merchandise categories showed sales strength during the first quarter, including women’s contemporary and advanced designer apparel; dresses; women’s shoes; handbags; children’s apparel; and men’s accessories, shoes, and contemporary apparel. The New York City flagship store sales performance was positive but modestly below the comparable store sales increase of the Company’s Saks Fifth Avenue stores in the aggregate for the quarter.

Saks performed just well enough in the first quarter to cheer up investors. The company’s outlook is a bit more muddled and a lot of things have to go right in order for the store to perform as expected. Still, today should see an uptick in the share price.

Shares are up 3.4% in premarket trading, at $12.70, a new 52-week high if it holds. The current 52-week range is $9.24 to $12.35, and the high was set yesterday. Thomson Reuters had a consensus analyst price target of around $11.50 before today’s results were announced.

On a GAAP basis, Best Buy posted a net EPS loss of $0.24.

The company did not provide financial guidance for the second quarter, but Best Buy’s CFO did say that continuing investments in “price competitiveness,” which knocked down both revenues and profits in the first quarter, will continue into the second quarter. In fact, there is a laundry list of spending, according to the CFO, in addition to the build out of the store’s Samsung Experience Shops:

We also expect to see a greater negative impact from our Renew Blue capital and SG&A investments in the second quarter in the areas of (1) online; (2) mobile; (3) the multi-channel customer experience; and (4) the replatforming of bestbuy.com for which financial benefits are not expected to be realized until fiscal 2015 and beyond.

The company’s CEO said:

As expected, first quarter Domestic comparable store sales were down 1.1%. This was the result of the Super Bowl shifting into last year’s fourth quarter as well as our decision to reduce sales in certain non-core businesses. Excluding these impacts, Domestic comparable store sales were flat for the quarter despite no new major product launches and late deliveries in the smartphone category …

Same-store sales fell 1.1% in the United States and 2.8% internationally. Domestic online sales grew by 16.3% in the quarter. The store posted good sales in mobile phones and appliances, but these were more than offset by lower sales of home theater and gaming.

Best Buy closed 49 U.S. stores and 15 Canadian stores in 2012. As the company gets smaller there is less revenue to pay for the massive overhaul to the remaining stores. At some point Best Buy will close one too many stores and the whole house of cards could collapse.

When Best Buy reported fourth-quarter earnings in March, the consensus estimates called for EPS of $0.46 and $10.87 billion in revenue. By the end of the quarter, the EPS estimate had fallen to $0.25, so the company’s report today represents a step, not a leap, over a very low bar. Revenue missed even the diminished expectations, and the company faces at least another 12 months of higher expenditures and lower profits. That will not make investors happy.

Shares are down about 2% in premarket trading this morning, at $26.27 in a 52-week range of $11.20 to $27.37. Thomson Reuters had a consensus analyst price target of around $24.90 before today’s results were announced.

Among the companies Team serves are refiners, pipeline and oil field services firms. The company said the estimate cuts are the result “primarily of cost and utilization challenges in the quarter.”

The issues appear to be local to Team, and not applicable generally to the industry. The company added more resources than it could effectively utilize in the quarter. Team said its lower revenue growth reflected fewer large turnaround projects, presumably in the refining sector.

Team now expects earnings per share (EPS) of $0.52 to $0.60. In March the company guided EPS at $0.69 to $0.84. The consensus estimate had called for EPS of $0.74.

The previous revenue estimate of $192 million to $207 million also has been narrowed, to $195 million to $200 million. Gross margins are expected to fall 2%.

Saying that the firm will issue 2014 fiscal year guidance in August, Team did offer guidance based on its initial review. The company expects 2014 revenues of $790 million and EPS of about $2.00 a share. The consensus estimates call for EPS of $2.24 on revenues of $789.17 million.

Shares are down more than 16%, at $35.32 in a 52-week range of $24.95 to $46.66.

J.C. Penney reported an earnings per share (EPS) loss of $1.31, excluding restructuring and transition charges. Thomson Reuters had pegged the loss at $0.86. J.C. Penney’s net loss totaled $348 million for the quarter on revenues of $2.6 billion. Same-store sales fell 17%, compared with the first quarter of 2012, and gross margins fell from 37.6% to 30.8%.

At Nordstrom, the consensus estimates called for EPS of $0.76 on revenues of $2.8 billion. The company reported EPS of $0.73 on revenues of $2.75 billion. Same-store sales were up 2.7%. Nordstrom said it expects sales to rise 4% to 6% for the full year, down 0.5% at each end from its previous forecast.

Stage Stores, which operates 864 department and discount stores around the country, said this morning that it posted an adjusted EPS loss of $0.02 on sales of $379 million in the first quarter. Analysts were expecting positive EPS totaling $0.09 on sales of $388.4 million. The company also guided full-year sales to a range of $1.7 billion to $1.72 billion and adjusted EPS to a range of $1.45 to $1.55. The consensus estimates had been for $1.72 billion in revenues and EPS of $1.55. Essentially, Stage Stores has lowered its sights.

The catastrophe at J.C. Penney is well-documented. Nordstrom and Stage Stores talk about the weather, which does have a real impact on retail traffic and sales. And looking ahead does not offer much consolation for any of these retailers.

J.C. Penney’s shares are down 1.3% in premarket trading this morning, at $18.53 in a 52-week range of $13.55 to $32.55.

Nordstrom’s shares are down 3.3%, at $59.10 in a 52-week range of $46.27 to $61.81.

Stage Stores shares are inactive this morning, after closing down 2.9% yesterday at $26.08 in a 52-week range of $15.65 to $29.59.

Net sales grew 1.1% year-over-year, while the store’s memberships and other income rose 1.6%. Consolidated net income rose 1.1% to $3.8 billion. The best thing to say about any of these numbers is that they could have been worse.

Walmart guided second-quarter EPS in a range of $1.22 to $1.27, well below the consensus estimate of $1.29. The company said that investments in global e-commerce will clip $0.09 a share from Walmart’s full-year EPS and $0.02 a share from second-quarter earnings, which is equal to the impact on earnings in the first quarter. Online sales grew more than 30% year-over-year for the first quarter.

The company’s CEO said:

In a quarter marked by considerable headwinds to top line sales, Walmart delivered solid EPS growth of 4.6 percent. … Our expectations about our U.S. businesses’ performance, coupled with more discipline in International, will allow us to improve our performance throughout the year.

Walmart’s CFO noted that “the second quarter will be challenging, given expense pressures in International and in our corporate area.” Walmart has apparently decided that the best way for the company to improve sales and earnings is to cut expenses. It does not specifically say how it will do that, but a good guess would be cutting employees.

U.S. same-store sales for the quarter fell 1.2%, both including and excluding fuel sales. Customer traffic was down 1.8% although the average sales ticket rose 0.4%. For the second quarter, the company expects same-store sales to settle in the range of flat to up 2%.

Shares are down about 2.5% in premarket trading this morning, at $77.84 in a 52-week range of $58.95 to $79.96, and the high was posted yesterday. Thomson Reuters had a consensus analyst price target of around $80.60 before today’s results were announced.

Macy’s also has announced a dividend increase, from a quarterly total of $0.20 to $0.25, beginning with the current quarter. And the company has increased its stock buyback program by $1.5 billion, bringing the total available for share repurchases to $2.6 billion.

In its outlook statement, Macy’s said that it continues to expect same-store sales growth of 3.5% for the 2013 fiscal year. The company also reiterated its EPS guidance for $3.90 to $3.95 for the year. The consensus full-year estimates call for EPS of $3.92 on revenues of $28.35 billion.

The company’s CEO said:

We are especially pleased with our first quarter sales and earnings performance given the challenges we overcame in this period. These included sustained, unseasonably cool spring weather in our northern climate zones. In addition, we saw weakness among some of the most budget-conscious consumers, as well as among our higher household income Bloomingdale’s customers.

The company did not mention its ongoing lawsuits against Martha Stewart Omnimedia Inc. (NYSE: MSO) and J.C. Penney Co. Inc. (NYSE: JCP) related to a contract between Macy’s and Martha Stewart that Macy’s thinks is exclusive and that Martha Stewart and J.C. Penney believe leaves room for other deals. J.C. Penney has won some initial rounds, but a conclusive decision has not yet been issued.

Shares are up about 2.2% in premarket trading this morning, at $48.45, which would be a new 52-week high if it holds. The current 52-week range is $32.31 to $47.67, and the high was posted yesterday. Thomson Reuters had a consensus analyst price target of around $48.10 before today’s results were announced.