Sears suffered a large third quarter loss due to weaker sales at both Kmart and Sears stores. These results underscore the challenges that Sears will face heading into the crucial holiday shopping season.
In the three-month period ending November 2nd, the Hoffman Estates based company lost $534 million, or $5.03 per share. The loss a year earlier was $498 million or $4.70 per share. Yesterday the Sears Holdings Corp. said that revenue fell 7 percent to $8.27 billion mostly because there were fewer Sears and Kmart stores in operation.
Revenue at stores that have been open for at least a year fell 3.1 percent. The figure fell 4 percent at Sears' locations and declined 2.1 percent at Kmart stores.
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