Sears’ Q2 sales tumble; will close more stores
Sears Holdings Corp.'s second-quarter earnings beat the Street as it benefitted from cost-saving initiatives. But it continued to struggle with weak traffic and declining sales, and added 28 more locations to its long list of store closings.
Sears reported that its second-quarter loss narrowed to $251 million, or $2.34 per share, in the quarter ended July 29, helped by cost savings resulting from the streamlining of operations and store closings.
Losses, adjusted for one-time gains and costs, came to $1.16 per share. Analysts had expected a loss of $2.48 per share.
Revenue fell 23% to a better-than-expected $4.37 billion in the period. Same-store sales were down 11.5%, worse than the expected 7.1% decline. Click Read More below for more of the story.