Alan Lacy
Alan Lacy
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 clearly cutting everybody focus slowing
Clearly business is slowing down. Everybody is cutting back a bit, but our focus has been to structurally change how we do business because how we do business is not working,
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,
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.
break consumers good minds pricing terms value
We think in terms of pricing and assortment we have very good offerings, ... But we have not been able to break through consumers minds in terms of value perception.
closer customers gives good grow locations opportunity problem products service
Sears has had a very different problem from Kmart, ... Our service and products are as good as our competitors but they're not where our customers are. This now gives us the opportunity to grow off-mall locations closer to the customer.
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 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.
actions believe canada common consider decision largest management respect senior tender whether
We believe that Sears Canada shareholders should consider the actions of the senior management and the largest independent shareholder when making a decision with respect to whether to tender their Sears Canada common shares.
apparel classic emphasize home improvement strong
We'll emphasize better classic apparel while highlighting our strong appliance, electronics and home improvement merchandise,
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,
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.
concerned market misleading press regarding reported
We are concerned that speculation reported in the press may be misleading the market regarding our intentions.