US: Sears improves, but Q4 losses heavy
- Q4 net loss US$489m, down from $2.4bn
- Revenues down 1.8% to $12.3bn
- More work to be done, says CEO
Comparable store sales were down 1.6% on the quarter
Retail giant Sears Corporation saw an improvement to its fourth quarter and full-year results, but still posted heavy losses of $489m and $930m respectively.
The latter figure compared with a loss of $3.1bn last year, but full-year revenues still declined, falling 4.1% to $39.9bn.
Comparable store sales were down 1.6% on the quarter, made up of a 3.7% decline at Kmart and a 0.8% increase at Sears.
For the full year, comps decreased 2.5%, thanks to declines of 1.4% and 3.7% at Sears and Kmart respectively.
“Sears Holdings made progress in 2012 improving the profitability of our business, but we know there’s more work to be done in 2013,” said Edward Lampert, chairman and CEO.
“We have invested significantly in our online ecommerce platforms, our membership rewards programme and the technology needed to support these initiatives.”
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