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.”
More than 180 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 las...
Unveiling a new five-year plan to improve worker safety at the factories in Bangladesh that produce their clothing, North American brands and retailers were keen to stress the similarities between the...
Retail group Sears Holdings posted a bigger net loss in the second quarter thanks to revenue declines across Kmart and Sears in the US and Canada....
The group of leading retailers and brands who make up the North American Alliance for Bangladesh Worker Safety has named Ellen O'Kane Tauscher as the independent chair of its board of directors....
Australian general merchandise retailer Target has had what its owners described as a "disappointing" year, as earnings plunged. ...
US retailer Sears Holdings has selected the HighJump Supply Chain Advantage suite to help manage its distribution network and optimise its supply chain....
A group of leading North American retailers and brands - led by Wal-Mart and Gap - have committed more than $142m in funding and low interest loans to help improve factory safety conditions for garmen...
Australian retailer Kmart said it remains committed to continuing sourcing clothing from Bangladesh, despite concerns over factory safety in the country. ...
- China tightens on corporate social responsibility
- Marks & Spencer to extend mobile phone monitoring
- Factoring: a lifeline for apparel suppliers?
- Outdoor industry's future must be more inclusive
- Responsible apparel sourcing requires teamwork
- Adidas "Reebok sale" would be admittance of defeat
- New JC Penney CEO “credible but no solution”
- UPDATE: A&F appoints Horowitz to head Hollister
- Coats to open new zip factory in Bangladesh
- Fire and safety events to converge on Bangladesh
- Ethiopia – the emerging textile and clothing industry
- Apparel Market in China to 2018 - Market Size, Trends, and Forecasts
- Wool in the 21st Century: new prospects for a familiar fibre
- Global market review of denim and jeanswear – forecasts to 2020
- Prospects for the Textile and Clothing Industry in Vietnam