Sears Reports $127 Million Loss in Third Quarter

HOFFMAN ESTATES, Ill.-Sears Holdings reported a net loss of $127 million for the third quarter, down from the $146 million net loss it posted for the third quarter of last year.

The retail holding company said it was able to slim down the loss by trimming selling and administrative expenses by 2.4 percent, and through a 5 percent decline in cost of sales, buying and occupancy. This helped offset a 4.4 percent drop in revenues, which totaled $10.2 billion in the quarter.

Domestic same-store sales for the company as a whole slipped 2.3 percent in the third quarter. Kmart's same-store sales rose 0.5 percent, while comparable-store sales at Sears decreased by 4.6 percent.

Among other "encouraging signs" (as expressed by W. Bruce Johnson, interim chief executive officer and president of Sears Holdings) were a 40-basis-point rise in the company's gross margin rate to 27.2 percent, and an increase in its cash balance from $1.2 billion in last year's third quarter to $1.5 billion this year.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.

Videos

  • Patti Carpenter Talks Color and its Importance in the Home

    Camera Icon   More Videos

Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN August 2017 cover

    HFN's DIGITAL EDITION

    August 2017


    COVER STORY: Sharpening the Focus on Millennials

    Find out what makes Millennials tick when it comes to home decorating, shopping and at-home entertaining with HFN's annual consumer study. Turns out, Millennials favor the in-store shopping experience.


    ALSO IN THIS ISSUE:

    • Power of the People - Crowdfunding campaigns provide needed capital, feedback for home and housewares product launches.
    •  Omnichannel Retailing: Visual Search Takes Off - Learn how voice and visual search are revolutionizing product discovery.