Sears CEO says company is on the mend
The Chicago Tribune reported Sears Holdings Corp. CEO Louis D'Ambrosio supplied a strong dose of optimism at the Hoffman Estates, Ill.-based retailer's annual meeting, the day after the company warned of falling sales.
Ahead of the meeting, the company reported a same-store sales decline of 3.6% for its fiscal first quarter, which included a 1.6% decrease at its Kmart stores and a 5.2% decrease at its Sears Domestic stores. According to the company, the comps decline was driven by poor performances in appliances, apparel and consumer electronics. The decline was offset by strong performances in home, sporting goods, jewelry and footwear.