Sears delivers a 2Q loss
-- Home & Textiles Today, 8/20/2009 9:30:00 AM
Hoffman Estates, Ill. – 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%.
We would love your feedback!
Most Recent Resources
- Getting the most out of offline leads
- Free Shipping and the Importance of Onsite Promotion
- Should Branded Manufacturers Participate in Flash Sales?
- Rugs 101 - Special Edition
- How Big Is Your Label
- Choosing a Web Site Developer
- Convergence: Tie Your Online & Offline Experience...
- Social Networks to Social Shopping
- Why Brands and Their Retailers are Facebook’s Biggest...
- Web Based Intelligence Gathering
- The Future of Tablets
- Shopatron: Bicycles & eCommerce
- A Guide to Holiday eCommerce Success
- Mattress Buying 101 - Connecting with Consumers
- Designing Your Brand’s Website for eCommerce
- Global Sourcing in 2010: Doing More With Less
- Comparing Four Options for Turning Web Site Traffic into...
- Are You Prepared for the 2009 Holiday Season? A Branded...
- Design, Develop, Deliver: The Three D's to Digitally...