Wednesday, December 13, 2017

Sears narrows loss but sales tumble for 24th straight quarter

Sears Holdings Corp. reduced its third quarter loss by $190 million helped by lower operating costs from its reduced store portfolio, but it saw no improvement on the revenue side as same-store sales plunged 15.3%. Kmart comparable sales decreased 13.0%, while Sears comparable store sales declined 17.0%.

Revenue fell 27% to $3.66 billion, with store closures contributing to over half of the decline, the company said. Revenues were also negatively impacted by reductions in the number of pharmacies in open Kmart stores, and the reduction in consumer electronics assortments in both Kmart and Sears stores.. . . more

No comments: