US: Sears swings to $94m Q2 loss
- Second quarter net loss of $94m
- $10.6bn in revenue down $1.2bn
- Gross margin rate at 26.5%
Broadline retailer Sears Holdings has swung to a second quarter net loss, despite managing to reduce selling and administrative expenses.
The company reported a net loss of $94m for the quarter, compared to net income of $65m a year ago.
It maintained gross margin rate at 26.5%.
However, total revenues fell $1.2bn to $10.6bn for the 13 weeks, mainly due to lower comparable store sales and a $126m decline due to foreign currency exchange rates.
"While the overall retail market remains difficult and its impact is reflected in our results, we continue to take actions to increase the efficiency of our operations," said W Bruce Johnson, Sears Holdings' interim chief executive officer and president.
"We have reduced our selling and administrative expenses by approximately $1bn over the past four quarters, including a reduction of $212m this quarter."
Click here for the company's full financial release.
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