Sears 3Q loss widens as store sales soften
Sears' third-quarter loss widened as the ailing department store operator's results were hurt by weaker sales at its Kmart and Sears stores.
The quarterly results underscore the challenges Sears faces as it heads into the critical holiday shopping season.
The Hoffman Estates, Ill., company lost $534 million, or $5.03 per share, in the three-month period ended Nov. 2. That compares with a loss of $498 million, or $4.70 per share, a year earlier.
Sears Holdings Corp. said Thursday that revenue fell seven percent to $8.27 billion from $8.86 billion mostly because it had fewer Sears and Kmart stores operating. Revenue at stores open at least a year dropped 3.1 percent.
The figure fell four percent at Sears' locations and declined 2.1 percent at Kmart stores.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)