• Q3 loss widens to $498m
  • Revenue declined 5.8% to $8.9bn

Retailer Sears Holdings, which divested its Hometown and Outlet businesses last month, has seen its third-quarter net losses widen on the back of weaker sales. 

The company's net loss widened to US$498m during the 13 weeks to 27 October, compared to $425m in the same period last year. Operating loss narrowed to $428m, compared with $447m during the same quarter last year.

Revenue declined 5.8% to $8.9bn, which the company blamed on having fewer Kmart and Sears full-line stores in operation. Comparable store sales slipped 1.6%.

"In February, we laid out a number of actions intended to generate more than $1bn of additional liquidity, improve our financial performance and unlock value," said CFO Rob Schriesheim.

"We have executed against these goals, are on track to generate $1.8bn of additional liquidity and improved our EBITDA by $271m through the first three quarters of this fiscal year as compared to the same period last year."

During the quarter, the board of Sears Holdings approved the spin-off of 44.5% of its 95.5% stake in Sears Canada.