US: Sears sales fall but Q4 losses narrow
- Q4 losses narrow to US$358m
- Gross margin down
- Net sales drop to $10.6bn
Sears said it will continue to enhance its financial flexibility
Struggling retailer Sears Holdings managed to narrow losses in its fourth-quarter, despite booking a drop in revenues.
Net losses amounted to US$358m in the three months ended 1 February. This compares to net losses of $489m in the prior year period. The improvement was helped by store closures and garnering more business via its loyalty programme.
Gross margin decreased $681m to $2.5bn as a result of a $1.7m decline in sales to $10.6bn.
Revenues were down primarily due to lower domestic comparable store sales, in addition to having fewer Kmart and Sears Full-line stores in operation.
CEO Edward Lampert said: "Looking ahead, we will continue to enhance our financial flexibility to support and drive our transformation. While transformations of this size are challenging, and our financial results do not currently reflect our progress in member engagement, we believe the changes we are making through Shop Your Way and integrated retail will benefit us in the changing retail landscape."
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