Sears Holdings Loss Hits $421 Million in Q3
November 17, 2011,
HOFFMAN ESTATES, Ill.-Weak sales and margins led Sears Holdings to almost double its net loss in the third quarter at $421 million.
Both Sears and Kmart stores, along with Sears Canada, reported declines in sales in the quarter, which ended on Oct. 29. On a same-store basis, Kmart's sales fell off 0.9 percent, Sears U.S. stores were down 0.7 percent and Sears Canada Stores plummeted 7.8 percent. Net sales for the corporation as a whole totaled $9.6 billion, down 1.2 percent from last year's third quarter.
Although he said Sears Holdings is "not satisfied with our performance," Lou D'Ambrosio, president and CEO, said Sears stores saw improvement in apparel sales, and that online sales rose 20 percent in the quarter. D'Ambrosio also said the company continues to invest in improving the shopping experience in its stores, particularly in the technology area of what he called "integrated retail. We believe it is becoming more and more obvious that the future of retail will revolve around the seamless integration of online and offline experiences," he said.