Sears Delivers 2Q Loss

Sears Holdings cut costs during the second quarter, but not fast enough to stay ahead of falling revenue, and wound up with a $94 million loss. Wall Street had been expecting a profit of 35 cents per share. The loss was 79 cents per share compared to a year-ago profit of 50 cents per share, or $65 million.

"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 Bruce Johnson, Sears Holdings' interim ceo and president.

The company closed 28 stores during the quarter, taking a charge of $61 million, or 32 cents per share after taxes. It also reduced selling and administrative expenses by $212 million during the quarter for a total SG&A reduction of $1 billion over the past four quarters.

Revenue fell 89.8% to $1.2 billion from $11.8 billion a year ago. Sears attributed the decline to lower comps and a $126 million impact from unfavorable currency exchange rates. Total U.S. comps fell 8.6%, with Sears' comps off 12.5% and Kmart's down 3.9%.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.


HTT Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!