Sears Holdings records another quarterly loss
- Net losses widen to US$548m
- Sales down 13.2%
- Comparable sales fall 0.1%
Sears Holdings has booked its tenth straight quarterly loss
US department store retailer Sears Holdings has booked another loss in its third-quarter, as sales continue to decline.
In the three months ended 1 November, net losses amounted to US$548m, compared to a loss of $534 a year earlier, marking the firm's tenth straight quarterly loss.
Sales in the period were down 13.2% to $7.2bn from $8.3bn in the prior year period. The majority of the decline related to significant items such as $384m from the separation of the Lands' End business, $340m in less revenue from fewer Kmart and Sears Full-line stores and $326m associated with Sears Canada, which was de-consolidated in October.
Domestic comparable store sales declined 0.1% in the quarter, which comprised an increase of 0.5% at Kmart and a decrease of 0.7% at Sears Domestic.
"We remain intently focused on delivering an unparalleled integrated retail experience for our customers through Shop Your Way and above all, returning Sears Holdings to profitability," said CEO Edward Lampert. "During the quarter, we unveiled or expanded several integrated retail customer initiatives, which helped drive online and multi-channel sales. We continue to enhance the company's capital structure and liquidity to support our transformation into an integrated membership-focused company."
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