Sears Holdings Laps Estimates, Extends Credit Facility $$

Looks like another nails in the coffin for those calling for the demise of Sears Holdings (SHLD)

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For those who do not want to read the release, important items:

1- We had cash balances of $1.2 billion at May 2, 2009 (of which $515 million was domestic and $734 million was at Sears Canada) as compared to $1.4 billion at May 3, 2008 and $1.3 billion at January 31, 2009. For the quarter, the significant uses of our cash included $40 million for share repurchases, $76 million in capital expenditures, and $52 million of contributions to our pension and post-retirement plans. $465 million of common shares under the share repurchase program remain still available

2- The credit facility, the assumed reason Sears would self destruct as the dooms-dayers said it would not be refinanced or would be on onerous terms was, and at terms better than the previous one in terms of assuring more than ample liquidity for Sears.

Disclosure (“none” means no position):Long SHLD

One reply on “Sears Holdings Laps Estimates, Extends Credit Facility $$”

Wow… very impressive. Sales down from 11 billion to 10 billion, but more profitable than last year. SGA costs down and margins up. Inventory management better, so better returns on capital. Hard to imagine a better performance.

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