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Sears loss widens

Thursday, December 08, 2016 - 01:12

The retailer said it couldn't guarantee when it would return to profitability. As Fred Katayama reports, it plans to further cut costs and explore alternatives for its real estate portfolio.

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PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL Sears' woes keep mounting. Its loss widened, making it the fifth straight quarter the retailer finished in the red. And the company said it can't promise when it would return to profitability. The retailer now operates fewer Kmart and Sears stores, and that, along with a drop in existing store sales, slammed revenue. Fewer customers bought food and consumer electronics at its Kmart stores. Electronics also fell at Sears along with home appliances and apparel. Evercore ISI senior analyst Greg Melich said, "Given the very weak store base, continued comp declines, anemic sales productivity, and continued share loss in most major categories, Sears Holdings does not appear well positioned for holiday or 2017." Sears has been hurt by consumers' shift to online shopping and the growth of discount retailers like Wal-Mart and Target. To try to get back on track, it said it would further cut costs ... and explore alternatives for its Kenmore, Craftsman and DieHard brands and its real estate portfolio. Sears shares dropped at the start of trading, deepening their 41 percent loss this year.

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Sears loss widens

Thursday, December 08, 2016 - 01:12