News Column

Sears 2nd-quarter loss widens as retailer continues to deal with sluggish sales

August 21, 2014

The Associated Press

HOFFMAN ESTATES, Ill. - Sears said Thursday that its second-quarter loss widened as it continues to deal with weak sales.

The retailer which runs Sears and Kmart stores lost $573 million, or $5.39 per share, for the period ended Aug. 2. That compares with a loss of $194 million, or $1.83 per share, a year earlier.

The Hoffman Estates, Illinois, company is still working to turn itself around, with efforts including lowering costs, investing in its loyalty program and improving prices and promotions.

Revenue declined 10 per cent to $8 billion from $8.87 billion.

Sales at Kmart stores open at least a year fell 1.7 per cent. At Sears locations, the figure edged up 0.1 per cent.

Sears Holdings Inc. says it is still looking at options for its auto centre business and Sears Canada.

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Source: Canadian Press DataFile

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