Sears (NASDAQ:SHLD) stock was down on Thursday after the company failed to release its earnings report when it said it would.
According to Sears, it was planning to release its earnings report for the second quarter of the year before the markets opened on Thursday. However, it’s now into the afternoon and there is still no earnings report from the retail chain.
What’s unknown is why Sears has yet to release its earnings report for the second quarter of 2018. The company hasn’t released any official statement about the delay. The failure to release its earnings report and mum nature saw the company’s stock drop today.
Even more interesting is the time table that Sears has to work on. The company was already releasing its earnings report for the second quarter of the year late into its possible window. Now it has to release the earnings report by Friday if it wants to meet rules set by regulators.
One possible reason for the delay is Sears’ work to sell its Kenmore brand. Eddie Lampert, CEO of the company, is looking to buy the brand through a hedge fund. It’s possible the deal is wrapping up and SHLD is waiting to add the information to its earning report. Either way, it’s not a good look for the company or its stock to miss its promised earnings release.
“I would say it’s unusual for any company, struggling or prospering, to not report when they said they were going to report,” Robert Schulz, Standard & Poor’s chief credit analyst for retailers, told CNNMoney.
SHLD stock was down 3% as of Thursday afternoon and is down 64% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.