follow us

Sears Holdings posts 3Q loss

Hoffman Estates, Ill. - While Kmart showed improvement, Sears had a difficult quarter, creating a loss for parent company Sears Holdings.
Net loss for the period ended Oct. 30 was $218 million , or $1.98 per share, compared to a loss of $127 million, or $1.09 per share, last year.
Kmart's EBITDA (earnings before interest, taxes, depreciation and amortization) narrowed to a loss of $15 million from a year-ago loss of $39 million. Sears US's swung to a loss of $81 million from earnings of $86 million. Sears Canada's EBITDA tumbled from earnings of $58 million to $114 million U.S.
Total company revenues fell 4.9% to $9.7 billion as U.S. comps fell 4.8%, which was offset by an increase of $54 million due to the Canadian exchange rate.
Comps fell 0.7% at Kmart and 8.2% at Sears US.
"Sears Domestic's sales decline was primarily driven by declines in the home appliances, apparel, and consumer electronics categories, all of which experienced a greater decrease in the month of October. Sears footwear, jewelry, home categories and tires experienced comparable store sales growth during the quarter," the company reported.

 

Featured Video

Other Home Furnishings Sites

Casual Living
Gifts and Decorative Accessories
Home Accents Today
Kids Today
Home & Textiles Today