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FinancialsDec 03, 2014
Sears doubles store closures as losses mount
Sears Holdings Corp. reported Thursday that a total of 235 stores, mostly Kmarts, have been closed or marked for closing in an effort to cut costs amid stagnant sales and growing losses.
Hoffman Estates, Ill.--Sears Holdings Corp. reported Thursday that a total of 235 stores, mostly Kmarts, have been closed or marked for closing in an effort to cut costs amid stagnant sales and growing losses.
In the third quarter ended Nov. 1, Sears reported that its U.S. same-store sales were down 0.1 percent, comprised of a 0.5 percent increase at Kmart but a 0.7 percent drop at Sears Domestic.
Total sales fell 13 percent, from $8.27 billion to $7.21 billion. Losses grew 3 percent, from $534 million to $548 million.
In commenting on the results, Chairman and CEO Edward Lampert said the retailer remains focused on transforming into a membership-focused company and delivering an “unparalleled retail experience” for its customers through the Shop Your Way program, its points-based rewards program that incorporates social media.
He said the company unveiled a number of initiatives during the quarter that helped drive online and multi-channel sales. Online was one of the bright spots for Sears in the third quarter, with sales growing 9 percent year-over-year.
Sears said when reporting its second quarter results in August that it planned to close 130 stores during the fiscal year. Reports have surfaced since about additional closures, but Sears would not confirm anything, stating only that it would release a complete closure list with its next financial results.
On Thursday, it nearly doubled that number to 235 underperforming stores. The company, which has more than 1,830 Sears and Kmart stores, said it “expects to migrate the shopping activity of highly engaged members who previously shopped closed stores to alternatives channels.”
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