CANADA: Sears Canada Shares Plummet To 52-Week Low
Sears Canada shares continued to drop in value yesterday as the markets reacted to disappointing sales numbers released late last week by the retail chain.Several analysts lowered their earnings estimates for Sears, which saw same-store sales dip in October due to unexpectedly sluggish sales of big-ticket items.The company has seen its share price spiral from the $33 range since it released lukewarm third-quarter results last month. The stock (SCC/TSE) dived six per cent on Friday and plunged another nine per cent yesterday, or $2.10, to close at $21.20, a 52-week low.Sears is to open seven stores across Canada under the Eatons banner on November 25, and chief executive Paul Walters expects the renovated outlets will bring $1bn in yearly sales to the Sears enterprise within three years.
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