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current news

Sears Reports Wide 3q Loss

(Filed Under Financial and General Interest News). Retailer Sears Holdings Corp. reported a loss of $421 million, or $3.95 a share, compared with a loss of $218 million, or $1.98 a share, in the third quarter of 2010.

Revenue fell 1.2 percent to $9.56 billion, while gross margin fell to 25.6 percent from 26.4 percent. Domestic same-store sales fell 0.8 percent, while Sears Canada same-store sales plunged 7.8 percent. The company’s total debt currently stands at $4.6 billion, compared with $4 billion in the year-ago period.

The company attributed the widened loss to having fewer Sears and Kmart full-line stores in operation as well as weaker-than-expected results in Canadian stores. Its contingency plan includes cutting costs, including jobs at some locations; closing underperforming stores; and pursuing more exclusive, celebrity-driven apparel, intimates and accessory lines, like the recently launched Kardashian Kollection. The company is also trying to draw in customers through technology by offering free Wi-Fi service at stores and equipping sales associates with iPads and iPods to check inventory or help shoppers order a product online.

Sears Holdings Corp. currently operates more than 4,000 stores in the United States and Canada.

more Financial and General Interest News >>

Published 11-29-2011 by Katherine Rautenberg

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