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 $930m in fiscal 2013.
Total domestic comparable store sales for the quarter were down 7.4%, comprising of a 5.7% decrease at Kmart and 9.2% at Sears domestic.
"As previously stated, we are transitioning from a business that has historically focused on running a store network into a business that provides and delivers value by serving its members in the manner most convenient for them: whether in store, in home or through digital devices," the company said.
"We believe that we are making progress in this transformation, as we are seeing continued increases in our 'Shop Your Way' member engagement metrics with 69% of our sales in the nine-week period ended 4 January 2014 derived from members as compared to 58% last year."
More than 220 companies have now signed the Accord on Fire and Building Safety in Bangladesh following the collapse of the Rana Plaza factory building in Dhaka, which killed more than 1,100 people in ...
Abstract About Children’s and Infant Wear Children's wear refers to clothing for children aged between 0 months to 10 years. It includes apparel such as outerwear, underwear, nightwear, socks and t...
This report analyzes the worldwide markets for Children's Wear in US$ Million by the following Product Segments: Boys Wear, Girls Wear, and Infants & Toddlers Wear. The report provides separate compre...
Australia's competition regulator has given the green light to Wesfarmers' takeover of Pacific Brands workwear division....
- Why China 5-year plan won't change garment-making
- ‘Fixing Fashion’ one stitch at a time
- Navigating a turbulent sourcing landscape
- Supply chains under pressure as Black Friday looms
- Jordan garment sector strong amid regional unrest
- US Q3 in brief: Burlington Stores, Guess, Chico's
- Adidas has greenest textile supply chain in China
- Global clothing and footwear trade to drop by 1.5%
- Cambodia living wage campaign kicks off
- New Balance launches first 3D printed running shoe
- Wearable technology: The future market potential for smart garments and e-textiles
- Practical Brand Sourcing Strategy
- Statistics: Trends in Global and Regional Man-made Fibre Production - 2015
- Myanmar's Garment Sector in 2015 - now with updated members' directory
- Technical Textile Markets: Product Developments and Innovations - 2nd Quarter 2015