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UPDATE: Sears Posts Wider Q2 Loss, Shares Drop

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Sears Holdings (NASDAQ: SHLD) posted a wider loss for the second quarter.

The Hoffman Estates, Illinois-based company posted a quarterly loss of $573 million, or $5.39 per share, versus a year-ago loss of $194 million, or $1.83 per share. Excluding certain items, Sears posted an adjusted loss of $2.87 per share.

Its revenue dropped 9.7% to $8.01 billion. Analysts were expecting a loss of $2.63 per share on revenue of $8.13 billion.

Sears posted an operating loss of $514 million, versus $51 million in the year-ago quarter.

Sears' gross margin narrowed to 21.7% from 24.6%, while consolidated selling and administrative expenses slipped $173 million in the quarter.

The company's same-store sales dropped 0.8% at domestic stores. Sears domestic same-store sales gained 0.1%, while same-store sales at Kmart stores dropped 1.7%.

Online and multi-channel sales climbed 18% y/y.

"We have continued to show progress in our transformation, as demonstrated by our year-over-year increase in online and multi-channel sales, and with our member sales now representing 73% of eligible sales," said Edward S. Lampert, Sears Holdings' Chairman and Chief Executive Officer.

Sears shares dropped 1.22% to $35.51 in pre-market trading.

Posted-In: lossEarnings News

 

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