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.
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