Analyst says Sears 'becomes more irrelevant by the day'
Friday, August 22, 2014 3:29 PM
Shares of Sears, Roebuck & Co. plunged over 8 percent Thursday after its second quarter loss fell short of already-low Wall Street expectations, reports CNNMoney.com. It was the ninth straight quarterly loss for Sears, which reported sales declines across the board at many of its businesses, including Kmart, Sears Auto Center, and Sears Canada. The company also claimed that it lost profit from major promotional activities that have yet to bear fruit. "Sears becomes more irrelevant by the day," said Brian Sozzi, a retail analyst with Belus Capital Advisors.