Sears Holdings Projects Net Loss for First Quarter
May 3, 2011,
HOFFMAN ESTATES, Ill.-Sears Holdings said it expects to report a first-quarter net loss of between $145 million and $195 million, when it issues its report on the period on or about May 19.
In addition, according to a preliminary statement from the holding company, Sears' U.S. stores and Kmart experienced same-store sales declines in the quarter, which ended on April 30, of 5.2 percent and 1.6 percent. The company also said Sears Canada expects to report a comparable-store sales drop of 9.2 percent for the quarter. Home was one area that generated same-store sales growth in the quarter, along with sporting goods, jewelry and footwear. But these gains were offset by weakness in sales of appliances, apparel and consumer electronics.
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