CANADA: Sears Canada Shares Plummet To 52-Week Low
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.
Companies: Sears Holdings Corporation
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