Sears 2012 Annual Report Download - page 53

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements made in this Annual Report on Form 10-K and in other public announcements by us
contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are subject to risks and uncertainties that may cause our actual results, performance or
achievements to be materially different from any future results, performance or achievements expressed or implied
by these forward-looking statements. Forward-looking statements include information concerning our future
financial performance, business strategy, plans, goals and objectives. Statements preceded or followed by, or that
otherwise include, the words “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” “forecast,” “is
likely to” and similar expressions or future or conditional verbs such as “will,” “may” and “could” are generally
forward-looking in nature and not historical facts. Such statements are based upon the current beliefs and
expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may
differ materially from those set forth in the forward-looking statements.
The following factors, among others, could cause actual results to differ from those set forth in the forward-
looking statements: our ability to offer merchandise and services that our customers want, including our proprietary
brand products; our ability to successfully implement initiatives to improve our liquidity through inventory
management and other actions; competitive conditions in the retail and related services industries; worldwide
economic conditions and business uncertainty, including the availability of consumer and commercial credit,
changes in consumer confidence and spending, the impact of rising fuel prices, and changes in vendor relationships;
vendors’ lack of willingness to provide acceptable payment terms or otherwise restricting financing to purchase
inventory or services; possible limits on our access to capital markets and other financing sources, including
incremental financings under the accordion feature of our domestic credit agreement and additional second lien
financings, with respect to which we do not have commitments from lenders; our ability to successfully achieve our
plans to generate liquidity, reduce inventory and reduce fixed costs; the impact of seasonal buying patterns,
including seasonal fluctuations due to weather conditions, which are difficult to forecast with certainty; our
dependence on sources outside the United States for significant amounts of our merchandise; our extensive reliance
on computer systems, including legacy systems, to implement our integrated retail strategy, process transactions,
summarize results and manage our business, which may be subject to disruptions or security breaches; our reliance
on third parties to provide us with services in connection with the administration of certain aspects of our business
and the transfer of significant internal historical knowledge to such parties; impairment charges for goodwill and
intangible assets or fixed-asset impairment for long-lived assets; our ability to attract, motivate and retain key
executives and other associates; our ability to protect or preserve the image of our brands; the outcome of pending
and/or future legal proceedings, including product liability claims and proceedings with respect to which the parties
have reached a preliminary settlement; and the timing and amount of required pension plan funding.
Certain of these and other factors are discussed in more detail in Part I, Item 1A of this Annual Report on
Form 10-K. While we believe that our forecasts and assumptions are reasonable, we caution that actual results may
differ materially. We intend the forward-looking statements to speak only as of the time made and do not undertake
to update or revise them as more information becomes available.