Sears Holdings reports wider loss in Q3
HOFFMAN ESTATES, Ill. — Kmart operator Sears Holdings reported Thursday that its loss widened in the third quarter on softness in its Canada division and on weaker consumer electronics sales.
The company recorded a loss of $421 million in the quarter ended Oct. 29, compared with a loss of $218 million a year earlier.
Revenue slipped 1% to nearly $9.6 billion from about $9.7 billion, missing the $9.63 billion expected by Wall Street, and marking the fourth straight quarter of revenue declines.
Same-store sales at Sears stores dipped 0.7% and fell 0.9% at Kmart stores. Sears stores were hurt by fewer sales of appliances and consumer electronics, while Kmart stores were impacted by reduced sales of clothing and home goods.
Same-store sales plummeted 7.8% for Sears Canada.