Sears expects losses as result of poor holiday sales
Home & Textiles Today Staff -- Home Textiles Today, January 10, 2014
Hoffman Estates, Ill., -- Sears had a grim holiday and the retailer expects steep losses for the four quarter and year as a result.
The troubled retailer said it expected an adjusted loss between $213 million and $316 million, or $2.01 to $2.98 per share, for the fourth quarter. For the year, it expects an adjusted loss between $811 million and $914 million, or $7.64 to $8.61 per share.
The company said its Kmart and Sears chains had a 7.4% drop in comp store revenue for the nine-week period ended Jan. 6.
The news comes as Sears is heavily engaged in cost-cutting measures, including paring down inventory and assets.
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