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Sears’ loss widens as sales soften at Kmart, Sears
Hoffman Estates, Ill. -- Sears Holdings widened its loss in the third quarter as sales decreased at both its Sears and Kmart units.
For the three months ended Nov. 2, Sears lost $534 million, down from a loss of $498 million a year earlier.
Revenue fell 7% to $8.27 billion from $8.86 billion mostly because it had fewer Sears and Kmart stores operating.
Same-store sales dropped 3.1%, and were down 4% at Sears' stores and declined 2.1% at Kmart stores.
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Sears stays focused following third-quarter loss
Despite its continuing turnaround efforts, Sears Holdings widened its loss in the third quarter after sales fell at both Sears and Kmart.
The company reported a net loss for the quarter ended Nov. 2 of $534 million, or $5.03 a share, from $498 million, or $4.70 a share, a year earlier.