So the revenue was down 27% sales down 18% at sears they sold more assets and still have not made an operational profit but because of a tax write off they want to take a victory lap. They do this same dance every reporting quarter. I'm sick of it and I just quit, I don't have a job lined up but pretending that there's a plan and its working , slapping each other on the back and telling employees that were killing it when its a f***ing disaster is no longer acceptable to me.
Good luck everyone
I wish you a lot of luck and hope you find a job quickly. I also left several months ago. I now have a better paying job that I enjoy showing up to everyday. I worked at Sears for 20 years and have seen hundreds of former coworkers leave the company. I am still waiting for the first one of them to say that they would have been better off staying. Stay positive. It will work out.
Profit is not a profit. This is a non-cash profit, which means there is no more money in the bank today then there was yesterday. It is a profit on paper only and it just means that they still have no cash to pay bills, pension, expenseses. Overall this may give them another 2 months of business because the are burning 200 million dollars a quarter.
Its like if I gave you a million dollars but I said you could not use it to pay bills, you could not spend it but on paper you were a millionaire.
It isn't a "profit" though since as a tax benefit it's just a paper profit - there is no cash associated with it. The key thing to look it as their cash flow which accurately displays how much it really costs to keep the doors open. The tax benefit won't show up in their checking account.
We are thrilled. But it isn't going to slow down the pace of store closures and layoffs, allow for any reinvestment in the business, allow for any pay raises, or repairs, so my enthusiasm is tempered.
A profit is a profit and gives Sears more room to fight another day. Kmart and Sears are both American icons. To want companies and employers to fail is unAmerican. All employees should be thrilled that Sears Holdings has a profit.
Lol. Wall street loves those accounting maneuvers