Sears Holdings 2Q income down

HOFFMAN ESTATES, Ill. Sears Holdings reported net income of $65 million, or 50 cents per diluted share, for the second quarter ended Aug. 2, compared with net income of $173 million, or $1.15 per diluted share, for the second quarter ended August 4, 2007.

For the quarter, Sears Domestic's comparable-store sales declined 6.7% while Kmart's comparable-store sales declined 5.6%. Total domestic comparable-store sales declined 6.2%. Comparable-store sales declined for the quarter across most major categories at both Kmart and Sears Domestic, but continue to be offset by increases in sales of consumer electronics, the company reported.

For the quarter, total revenues declined $0.5 billion to $11.8 billion in fiscal 2008, as compared to $12.3 billion for the second quarter of fiscal 2007. The decrease in revenue primarily reflects the impact of lower domestic comparable store sales.