Sears shares fall after report of 2Q loss

By Reuters
Posted Aug. 19, 2010 at 11:03 a.m.

Most retail stocks were lower Thursday, with Sears Holdings Corp. shares down 7.6 percent to $62 after the department-store operator posted disappointing second-quarter results.

Sears reported a larger-than-expected second quarter loss early Thursday and that sales dropped by $93 million to $10.5 billion.

Shares of GameStop Corp. declined 7.3 percent to $19.25. The videogame retailer lowered its third-quarter profit outlook.

However, PetSmart Inc. shares climbed 8.5% to $32.71 after the pet-store operator bumped up its full-year profit outlook to a range of $1.91 to $1.99 a share, topping analyst expectations of $1.90 a share. Earnings for the second quarter rose 24%, while sales increased 6%.

Dollar Tree Inc. shares gained nearly 5% to $43.85 after discount retailer reported second-quarter profits that exceeded Wall Street’s expectations.

Shares of other major retailers that have recently announced results lost ground.

Lowe’s Cos. shares lost 2.1% to $20.36, Wal-Mart Stores Inc. was off 30 cents to $50.56 and Target Corp. was off 1 cent to $51.94.

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