US: Sears Holdings forecasts quarterly and FY losses
Sears has been working on a transformation programme
Struggling retailer Sears Holdings has said it expects to report a net loss in the fourth quarter as the transition of the business continues.
In a trading update, Sears said it expects to report a net loss for the quarter ending 1 February of between US$250m and $360m, or between $2.35 and $3.39 loss per diluted share.
This compares to a loss in the prior year quarter of $489m, or $4.61 loss per diluted share. This included a non-cash charge of $455m related to pension settlements, non-cash impairment charges of $330m and other adjustments.
For the full year, Sear is expecting a net loss of between $1.3bn and $1.4bn from losses of $930m in fiscal 2013.
Total domestic comparable store sales for the quarter were down 7.4%, comprising of a 5.7% decrease at Kmart and 9.2% at Sears domestic.
"As previously stated, we are transitioning from a business that has historically focused on running a store network into a business that provides and delivers value by serving its members in the manner most convenient for them: whether in store, in home or through digital devices," the company said.
"We believe that we are making progress in this transformation, as we are seeing continued increases in our 'Shop Your Way' member engagement metrics with 69% of our sales in the nine-week period ended 4 January 2014 derived from members as compared to 58% last year."
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