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Why Sears is actually getting more profitable

By admin - Posted on June 27th, 2008
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The company everyone loves to hate is actually getting more profitable. In their 1Q earnings release Sears said it expects EBITDA to be higher than last year. Normally EBITDA doesn’t mean a lot because maintenance capital expenditures generally approximate depreciation and amortization expenses. Sears, however, is not not maintaing their capital expenditures at a level that approximates depreciation and amortization. Given the low cap-ex a more relevant metric to approximate owners earnings for shareholders is EBIT (pre-tax operating profit) less capital expenditures.

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