Sears 2014 Annual Report Download - page 24

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24
The completion of a REIT transaction has the potential to make a significant transformation in our capital
structure, toward a structure that is more flexible, long-term oriented and less dependent on inventory and
receivables. We would hope to maintain a long-term presence in each location while allowing Sears Holdings to still
have the flexibility to make strategic business decisions should those locations prove unprofitable in the future. We
believe that many locations can be re-purposed with or without Sears Holdings as an anchor, which would give the
REIT the potential for value creation, as well as downside protection if Sears Holdings were unable to continue to
operate certain stores profitably.
RESULTS OF OPERATIONS
Fiscal Year
Our fiscal year end is the Saturday closest to January 31 each year. Fiscal years 2014 and 2013 consisted of 52
weeks while fiscal year 2012 consisted of 53 weeks. Unless otherwise stated, references to years in this report relate
to fiscal years rather than to calendar years. The following fiscal periods are presented in this report.
Fiscal year Ended Weeks
2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . January 31, 2015 52
2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . February 1, 2014 52
2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . February 2, 2013 53