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MENAFN - 17/11/2012

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(MENAFN) Illinois-based retailer firm Sears Holding Corp. reported a wider quarterly loss, as its cut-cost measures and spin-offs were offset by lower sales, AP reported.

The company said it booked USD498 million net loss during the third quarter, up from USD421 million loss a year earlier.

The troubled firm also reported almost 6 percent drop in quarterly revenue year-on-year to USD8.86 billion.

Sears said its quarterly sales in stores open at least one year declined 1.6 percent at US Sears stores and 4.8 percent at Kmart stores.

This was because weaker sales in groceries, household products and consumer electronics wiped the gains from stronger sales of clothing and appliances, the company explained.

Costs of sales, buying and occupancy, as well as selling and administrative expenses, were both down for the quarter. Inventory fell USD1.4 billion to USD8.6 billion at October 27.

Sears also spun off part of its stake in Sears Canada Inc. and its Sears Hometown and Outlet Stores Inc.

 






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