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Sears (SHLD) Profit Down 99%

Sears Holdings (SHLD) reported net income of $2 million, or $0.01 per diluted share, for the third quarter ended November 3, 2007, compared with net income of $196 million, or $1.27 per diluted share, for the third quarter ended October…

By Douglas A. McIntyre
Published November 29, 2007, 6:20am ET · 1 min read

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Sears Holdings (SHLD) reported net income of $2 million, or $0.01 per diluted share, for the third quarter ended November 3, 2007, compared with net income of $196 million, or $1.27 per diluted share, for the third quarter ended October 28, 2006.

The third quarter 2006 results included $101 million in pre-tax gains ($64 million after tax or $0.42 per diluted share) on total return swap investments.

Our operating income for the quarter decreased $230 million to $46 million in fiscal 2007, as compared to $276 million in the third quarter of fiscal 2006, mainly due to lower gross margin generated at both Kmart and Sears Domestic. Sears Domestic’s comparable store sales declined 4.2% for the quarter, while Kmart’s comparable store sales declined 5.0%.

Douglas A. McIntyre

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Douglas A. McIntyre

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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