Sears 3Q loss widens on weaker sales

By Reuters
Posted Nov. 18, 2010 at 5:39 a.m.

Sears Holdings Corp. reported a larger quarterly loss, citing tepid sales of apparel and appliances at its namesake department stores.

The company, which also operates Kmart discount stores, said its net loss widened to $218 million, or $1.98 a share, in the third quarter ended on Oct. 30 from $127 million, or $1.09 a share, a year earlier. Sales at the company, led by hedge fund manager Edward Lampert, fell about 5 percent to $9.68 billion.

Sales at U.S. stores open at least a year fell 4.8 percent, with declines of 0.7 percent at Kmart and 8.2 percent at Sears Domestic.

Earlier this week, the company’s Sears Canada unit said its third-quarter profit fell 61 percent as weaker consumer confidence weighed on sales.

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  1. John Abrams Nov. 18, 2010 at 9:15 a.m.


  2. Barbyr Nov. 18, 2010 at 2:31 pm

    All rats assemble for lifeboat drill!