August 24, 2017 / 10:24 AM / a month ago

BRIEF-Sears holdings reports second quarter 2017 results

Aug 24 (Reuters) - Sears Holdings Corp

* Sears Holdings reports second quarter 2017 results and provides an update on recent liquidity and strategic actions

* Q2 revenue $4.4 billion

* Q2 same store sales fell 11.5 percent

* Sears Holdings Corp - ‍Merchandise inventories were $3.4 billion at July 29, 2017, compared to $4.7 billion at July 30, 2016​

* Qtrly ‍net loss per common share attributable to holdings’ shareholders $2.34​

* Sears Holdings Corp says “‍retail environment remained challenging, with continued softness in store traffic and elevated price competition​”

* Qtrly ‍Kmart comparable store sales decreased 9.4%​

* In addition, will be notifying associates at 28 Kmart stores that co will be closing these stores later this year

* Qtrly ‍sears comparable store sales declined 13.2%, with a 12.1% decline excluding consumer electronics category​

* Sears Holdings Corp - ‍In Aug, reached agreement with Metropolitan Life Insurance Company to annuitize an additional $512 million of its pension liability​

* Sears Holdings corp - ‍MLIC action is expected to have an immaterial impact on funded status of our total pension obligations​

* Sears Holdings Corp - Continue to explore opportunities for Kenmore and DieHard brands, and Sears home services and Sears auto center businesses

* Says ‍during Q2, store closures contributed to approximately $770 million of decline​ in total revenues

* Sears Holdings Corp - ‍Due to structure of leases, we expect that cash rent obligations to seritage and joint venture partners will decline, over time​

* Sears Holdings - Reductions in number of pharmacies in open stores, consumer electronics assortment continued to contribute to overall Q2 sales decline​​ Source text for Eikon: Further company coverage:

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