Sears Posts Wider Third-Quarter Loss
HOFFMAN ESTATES, Illinois (
) --
Sears Holdings
said Thursday its loss in the third quarter widened from a year earlier to $218 million, or $1.98 a share, on lower sales of apparel and appliances at its namesake chain.
Sears reported a year-earlier loss of $127 million, or $1.09 a share.
Analysts expected Sears to post a third-quarter loss of $1.08 a share.
Revenue declined 5% to $9.68 billion; analysts were expecting $9.89 billion.
Sears said Kmart's adjusted earnings before interest, taxes, depreciation and amortization rose by $24 million in the quarter and its gross margin rate increased 90 basis points from last year.
Sears said comparable-store sales in the quarter fell 4.8%.
-- Written by Joseph Woelfel
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