Sears Holding: Declines pretty much across the board
February 27, 2014-- Home Textiles Today,
Hoffman Estates, Ill. - Sears and Kmart stores experienced sales declines in almost every product category during the fourth quarter - the exceptions being lawn & garden at Sears and consumer electronics at Kmart.
For the quarter ended Feb. 1, Sears Holding's net loss narrowed to $358 million from $489 million in last year's fourth quarter. Revenue dropped 13.8% to $10.6 billion due to a combination of lower same-store sales and the impact of operating fewer stores than at the same point in 2012.
During the quarter, comps fell 5.1% at Kmart and 7.8% at Sears U.S. stores.
For the full fiscal year, net loss widened to $1.365 billion from $930 million in the previous fiscal year. Revenue fell 9.3% to $36.2 billion. Same-store sales decreased 3.6% at Kmart and 4.1% at Sears U.S. stores.