Sears cost cutting narrows loss, sales slide continues
Home & Textiles Today Staff -- Home Textiles Today, August 16, 2012
Hoffman Estates, Ill. - Sears Holdings pared inventories and hacked away at costs to trim its second quarter net loss to $132 million, or $1.25 per share, compared to a net loss of $146 million, or $1.37 per share in the year-ago quarter.
Total sales dropped 6.6% to $9.47 billion for the quarter ended July 30. Comps fell 2.9% at U.S. Sears stores and 4.7% at Kmart stores. Same-store sales at Sears Canada were down 7.1%.
U.S. inventories were cut 6.0% to $7.9 billion year-over-year - driven by a combination of improved productivity and a smaller store base.
"While we drive operational discipline, we are also investing in our customer experience, particularly through our ShopYourWay membership program and Integrated Retail. Our focus is on providing clear benefits to our members and customers, and delivering an excellent and seamless experience across the store, online, mobile and in the home," said company president and ceo Lou D'Ambrosio.
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