SEARS SALES SLUMP, REVAMPS EXECS.(Statistical Data Included)
HFN: The Weekly Newspaper for the Home Furnishing Network, September, 1999 by Vincenti, Lisa
HOFFMAN ESTATES, Ill.-Following weak August sales, Sears, Roebuck and Co. last Thursday warned investors that earnings in its third quarter will fall well below expectations, and at the same time the troubled retailer announced a major shake up in its top management.
Following the news, Sears stock took a hit, tumbling around 10 percent, or $3.69 a share, and closing at $33.50.
The current news comes just a few weeks after Sears announced massive staff cuts at its headquarters and unveiled a new advertising campaign: "The Good Life at a Great Price. Guaranteed."
According to a statement released by Sears, weak sales in lawn and garden, and men's apparel contributed to poor August results.
Sears cut its third-quarter earnings per...
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