Monday, November 22, 2010

Sears Holdings (NASDAQ:SHLD) Earnings Slashed by Barclays (NYSE:BCS)

The latest quarterly results for Sears Holdings (NASDAQ:SHLD) were less than stellar, to say the least, and Barclays (NYSE:BCS) slashed their earning per share outlook on them for 2010 and 2011.

"Sears Holdings reported 3Q10 adjusted EPS of $(1.96), well below our estimate of $(1.11): Results were below our expectations on top-line, gross margins, and expenses...Given continued weak comps, deteriorating gross margin trends, and SG&A deleverage on weaker comps, we are lowering our 2010 and 2011 EPS estimates to $0.65 and $0.85 from $1.75 and $2.35, respectively: We are also establishing a 2012 EPS estimate of $0.95," said Barclays.

Sears closed Friday at $63.75, gaining $0.05, or 0.08 percent.

Barclays maintains and "Equalweight" on the retailer, with a price target of $70.

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