Earnings season is upon us.
Let's break down the earnings:
The company posted a loss of 31 cents per share in the fiscal third quarter, falling short of the Street forecast of a 3 cents per share profit. Group revenues, the company said, fell 9% to $2.8 billion, just shy of analysts' forecast of a $2.86 billion tally.
Same-store sales, which were hit by having one fewer week this year compared to 2018, and the fact that Cyber Monday revenues will be booked in the fourth quarter, tumbled 8.3%.
"Let me be clear, these results are unsatisfactory and underscore the imperative for change and strengthen our sense of priorities and purpose," Tritton told investors on a conference call late Wednesday. "We must respond to the challenges we face as a business, including pressured sales and profitability and reconstruct a modern durable model for long-term profitable growth."
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