The expected results are preliminary and subject to change based on quarter-end adjustments that may be required. Holdings expects to release its second quarter financial results on or before August 30, 2007 and does not intend to update this information prior to that date.
The Company also announced that its Board of Directors has approved the repurchase of up to an additional $1.5 billion of theCompany's common shares. This authorization when added to the $19 million remaining under previous authorizations provides the Company with a current aggregate authorization of $1.519 billion.
As of August 10, 2007, Holdings had approximately 143.6 million common shares outstanding. The share repurchases may be implemented using a variety of methods, which may include open market purchases, privately negotiated transactions, block trades, accelerated share repurchase transactions, the purchase of call options, the sale of put options or otherwise, or by any combination of such methods. Timing will be dependent on prevailing market conditions, alternative uses of capital and other factors.
Aylwin Lewis added, "The Company has a strong balance sheet and generates significant free cash flow, allowing us to invest in our business, consider other alternative investment opportunities, pay down debt, and repurchase our shares, each as appropriate given our objective of increasing shareholder value."
Sears Holdings Corporation
marketing@alchempro.com
