Sears Appoints New Executive (revised)
As part of its managerial restructuring initiatives, Sears Holdings Corporation (SHLD) named Arun Arora as the company’s new Vice President and President of the Home Services department.
Arora completed his Masters of Business Administration and Bachelor of Science in Business Administration from Harvard University and the University of Kansas, respectively. In his new role, he will be responsible for every aspect of the Home Services business of the company, including Parts Direct, In-Home Repair Services, Carry-In Repair, Service Contracts, Commercial Sales (all Sears Holdings product categories), Sears Home Improvement Services and Sears Franchise Businesses.
Arora with 22 years of tangible experience in Corporate Development and Finance has served Staples Global Ecommerce, as general manager and senior vice president, and took care of Staples Inc.’s (SPLS) inside-sales operations and ecommerce business.
Arora’s appointment at Staples followed his association with Groupon Inc. (GRPN), as the chief financial officer leading a global team of several hundred, where he altered and applied new strategies for the company. Apart from this, he has held several significant positions at 3M Company, Verari Systems, Sun Microsystems, Inc., Beam Global Wine & Spirits Inc., Mentor Graphics Inc., The Goldman Sachs Group Inc. (GS) and Credit Suisse First Boston, further enriching his experience.
Management believes that, with profound experience in integrated retailing, and a knack for analyzing customers’ requirements, Arora will be a boon for Sears Holdings.
Although Sears Holdings is taking initiatives to drive its business and fulfill customer needs, the company hit a 52-week low of $31.26, yesterday, before eventually closing at $31.71. Year-to-date, shares of the company have slumped 16.9%. The company’s stock has been losing momentum since the announcement of the pro-rata spin-off of its Lands' End Inc. (LE) business on Apr 4, following which its shares have plunged 22.1%.
Apart from this, recently the company reported its fourth-quarter fiscal 2013 loss of 96 cents a share, which slumped from the year-ago earnings of $1.12 a share. Moreover, quarterly revenues declined 13.6% year on year, to $10,593 million, primarily due to lower domestic comparable store sales, reduction in the number of Kmart and Sears' full-line stores in operation, absence of sales contribution from an additional week as was in fiscal 2012 and decline in Sears Canada comparable store sales.
Currently, Sears Holdings carries a Zacks Rank #3 (Hold).
(We are reissuing this article to correct a mistake. The original article, issued earlier today, April 15, 2014, should no longer be relied upon.)Read the Full Research Report on SHLD
Read the Full Research Report on SPLS
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Read the Full Research Report on GRPN
Read the Full Research Report on LE
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