Lampert Makes Case As Sears Holdings Profits Crash

摘要

Released alongside drab financial news from Sears Holdings was the annual "Message from the Chairman" by Edward Lampert, in which he acknowledged setbacks but made the case for the future of the combined 3,800-store Sears and Kmart business.rn"In 2008, we need to reverse much of the profit erosion we experienced in 2007. It won't be easy, especially if the economy stays soft," Lampert admitted in the note.rnSears Holdings reported annual net income of $826 million for the year ended Feb. 2, down 44.6% from $1.5 billion in the year prior. In the fourth quarter, earnings of $426 million fell 47.5% from $811 million a year ago.