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Sears comp sales continue to fall, loss in line with forecast

(Reuters) – Sears Holdings Corp (SHLD.O) persisted its streak of declining sales in the 3rd quarter, reporting a double-digit drop in similar sales at its Sears and Kmart chains.

A Sears brand is observed at a shop in Schaumburg, Illinois, September 23, 2013. REUTERS/Jim Young/File Photo

Sales at Sears retail outlets open for greater than a yr fell 17 p.c in the quarter ended Oct. 28, whilst similar sales at Kmart fell 13 p.c, harm via closures of pharmacies inside some Kmart retail outlets and less digital merchandise to be had on the chains.

Once the biggest U.S. store, Sears has struggled as customers shift from the mall to the internet and has closed rankings of its weaker Kmart and namesake division retail outlets, placing logo licensing offers and selling its consumer loyalty program in efforts to flip itself round.

The store, which has reported years of losses and declining sales, mentioned on Thursday it will glance to diversify its earnings streams thru partnerships in its companies, together with Sears Home Services, Innovel, Kenmore and DieHard.

Sears, managed via billionaire investor Eddie Lampert, mentioned it generated over $270 million thru sale of actual property and different belongings in the 3rd quarter, and an extra $167 million after the shut of the quarter.

The corporate mentioned it used the proceeds to pay down debt.

Net loss attributable to shareholders used to be $558 million, in line with the forecast of $525 million to $595 million Sears gave previous this month, bringing up retailer closures.

The store posted a loss of $748 million in the similar quarter a yr previous.

Reporting via Sruthi Ramakrishnan in Bengaluru; Editing via Savio D’Souza and Sriraj Kalluvila

Our Standards:The Thomson Reuters Trust Principles.

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