Most Recent Articles In Financial
Latest Financial Articles
- Fabrizio Freda Touts Lauder’s Growth Potential to Wall Street
- Destination XL Cuts Loss, Exceeds Guidance
- Douglas to Go Public
More Articles By
Sears Holding Corp. continued to lose some serious ground in the third quarter.
Net losses attributable to the retailer widened to $498 million, or $4.70 a diluted share, from $421 million, or $3.95, a year earlier.
The company said adjusted losses before interest, taxes, depreciation and amortization narrowed to $156 million in the quarter from a deficit of $190 million a year ago.
Revenues for the quarter ended Oct. 27 fell 5.8 percent to $8.86 billion from $9.41 billion. The Sears chain in the U.S. posted a comparable-store sales decline of 1.6 percent, while the Kmart unit comped down 4.8 percent.
Lou D’Ambrosio, president and chief executive officer, said: “Our EBITDA improvement in the quarter came from some of our most important categories like appliances, apparel and home services as we introduced new offers, honed pricing, effectively managed costs and implemented better inventory management. We did experience shortfalls, however, in categories like grocery and household and consumer electronics, and are taking actions to improve that performance.”
Sears is headed by chairman Edward S. Lampert, who combined the Sears and Kmart chains.