US: Sears Q3 loss widens on weaker sales
- 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.
European retailers C&A, Kik and El Corte Ingles will contribute to a compensation plan for the victims of the Tazreen Fashions fire in Bangladesh in November last year. ...
US retailer Sears Holdings has launched a business unit that will work on developing entertainment-driven fashion and lifestyle brands....
The online and luxury segments are set to provide a silver lining in what is an otherwise gloomy outlook for Australia's fashion industry, according to research released by IbisWorld. ...
- 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
- H&M calls for annual wage reviews in Bangladesh
- New JC Penney CEO “credible but no solution”
- UPDATE: A&F appoints Horowitz to head Hollister
- Cambodia garment workers campaign for higher wages
- Child labour products still entering US from China
- Apparel Market in China to 2018 - Market Size, Trends, and Forecasts
- Wool in the 21st Century: new prospects for a familiar fibre
- Ethiopia – the emerging textile and clothing industry
- Prospects for the Textile and Clothing Industry in Vietnam
- Global market review of denim and jeanswear – forecasts to 2020