NEW YORK (TheStreet) -- Shares of Sears Holding Corp. (SHLD) are down -7.34% to $33.31 on very heavy trading volume today, as the troubled retailer reported a wider second quarter loss as sales decreased for the 30th straight quarter, Bloomberg reports.
The net loss was $573 million, or $5.39 per share, from $194 million, or $1.83, a year ago, as sales dropped 9.7%, the company said today.
Sears will reduce costs, close stores and improve pricing and promotions, among other steps, CEO Edward Lampert said.
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Lampert has been selling and spinning off assets to raise cash as he works to bolster the retailer's digital and rewards programs. Loyalty-program members generated 73% of eligible sales in the quarter, Bloomberg said.
TheStreet Ratings team rates SEARS HOLDINGS CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate SEARS HOLDINGS CORP (SHLD) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, poor profit margins and generally disappointing historical performance in the stock itself."