“A company of our size and with our assets should be generating a significant profit,” said the hedge fund operator, who merged Sears and Kmart to form the more-than-2,500-door retailer. “During the first quarter of 2013, many of our competitors have noted certain macro factors that have impacted our industry, their businesses and our business: colder weather in parts of the country, delayed tax refunds, etc….I do not subscribe to the view that the macro factors are the sole reason for our poor performance. They have an impact, but even with that impact, we should be doing a lot better than we are.”
Lampert noted how technology and consumer buying habits are challenging retailers and said the company must evolve to keep up. Sears is focusing on its Shop Your Way membership program and working to better use technology to connect with shoppers.
The net losses for the quarter translated into $2.63 a diluted share and compared with earnings of $189 million, or $1.78, a year ago, when the company saw a significant gain from real estate sales.
Adjusted losses of $1.29 a share were more than twice as steep as the 60 cents consensus estimate, calculated off of the two analysts who hazarded a guess on results, according to Yahoo Finance.
Revenues for the three months ended May 4 fell 8.8 percent to $8.45 billion from $9.27 billion. Comparable-store sales fell 4.6 percent at the Kmart division and declined 2.4 percent at Sears’ U.S. stores.
Sears cut expenses by $46 million in the quarter and plans to trim a total of $200 million this year. It also intends to reduce its peak inventory by $500 million and expects to raise at least $500 million, possibly by selling its protection agreement business, which helps protect consumers from appliance breakdowns.
Lampert said he spent his first 100 days as ceo meeting with the company’s leaders “asking questions and listening to their opinions, ideas and concerns.”
“It will take a bit of time, but I am committed to having a leadership team which is aligned, accountable and that understands what we need to do to transform this company,” he said. “And we intend to transform while producing results, not using transformation as an excuse for why results are not satisfactory.”
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye