Sears Holdings posts net loss of $146 million
Losses at Hoffman Estates, Ill.-based Sears Holdings Corp. widened in the second quarter ended July 30. The company's net loss was $146 million, compared with a loss of $39 million in the same quarter last year.
Total revenues decreased to $10.3 billion for the quarter, down slightly from $10.5 billion for the quarter ended July 31, 2010. Kmart's comparable-store sales were flat, and Sears Domestic comparable store sales declined 1.2%.
Sears CEO Lou D'Ambrosio said the company is not satisfied with the results. "We are taking actions to turn around our performance in a challenging economic environment," he said.
Among those actions were the launch of new products. D'Ambrosio specifically mentioned the 31-cubic-ft. Kenmore Trio refrigerator, "as Kenmore recaptured the leadership position in major appliances.”
The company also attracted new leaders, including CFO Rob Schriesheim and Sears marketing head Monica Woo.
Sears closed 29 stores during the second quarter -- 10 Kmart stores, three full-line stores, 12 hardware and appliance stores, two auto centers and two The Great Indoors stores.