Alan Lacy
Alan Lacy
challenges coast critical difficult environment face height holiday iraq knew port quarter reached toughest war west
We knew that this would be our toughest quarter as we reached the height of our reposition efforts, ... This is a difficult environment with the possibility of war with Iraq and the West coast port lockout challenges we face in the critical holiday season.
continue driving expenses focus gross inventory levels operating profit
While revenues continue to be soft, our focus on gross margin, inventory levels and operating expenses is driving substantial profit improvement,
concerned market misleading press regarding reported
We are concerned that speculation reported in the press may be misleading the market regarding our intentions.
bit business cosmetics department emphasis example exit less market model process spend
We probably are going to become a little bit less of a department store, with less emphasis on apparel, ... I think the exit from cosmetics is an example of this. We are very much in the process of reworking our business model and how we go to market and how we spend money.
happy money performance recognize retail segment
We recognize that we really don't make enough money in our retail business, ... If you look just at our retail segment we're not happy with our retail performance here.
apparel businesses core difficult economic lawn pleased sales shown signs tools
We are pleased that sales in core businesses such as lawn and garden, tools and apparel have shown signs of strengthening, especially considering the difficult economic environment,
apparel classic emphasize home improvement strong
We'll emphasize better classic apparel while highlighting our strong appliance, electronics and home improvement merchandise,
business credit growth ongoing operating pleased portfolio quality strong
Our credit business contributed very strong growth in operating income, ... We are pleased with the quality of our credit portfolio and our ongoing productivity improvements.
actions company continue enhance focus identify overall reflect resources
Our actions reflect our heightened focus on productivity and returns. We will continue to identify opportunities to more effectively deploy resources and enhance overall company profitability of Sears off-the-mall businesses,
business change company confidence constitute credit departure kevin left lost performance personal related request
Kevin left the company at my request because I lost confidence in his personal credibility, ... His departure is not related to business performance and does not constitute a change in credit strategy.
believe best canada current fair firmly full higher market offer price provides reflects represents value
Our offer represents full and fair value for Sears Canada. We firmly believe that our offer provides the best alternative for all Sears Canada shareholders and that Sears Canada's current market price reflects unrealistic market expectations for a higher bid.
believe continued extending fair full offer opportunity provide represents tender
We are extending our offer to provide shareholders with a continued opportunity to tender to our $16.86 offer, which we believe represents a full and fair price.
business continues format great hold indoors
The Great Indoors is a viable, important format that has always resonated with customers. The business continues to hold great promise.
awful box clearly daily economic elements extent fashions geared great home indoors kitchen shopping soft
The Great Indoors clearly is geared around home remodeling, re-decorating, so to some extent there's more economic linkage there than just daily life. But there's an awful lot of fashions and soft elements to this box that you don't have to be gutting your kitchen to go shopping there,