Sears Holdings losses double in Q2
Comp sales fall 3.9% at Sears and Kmart stores.
Sears Holdings Corporation, the parent company of Sears and Kmart stores, reported a second quarter 2018 net loss of $508 million.
For the second quarter 2017, Sears Holdings reported a net loss of $250 million.
The Hoffman Estates, Ill.-based retailer posted total revenues of $3.2 billion for the quarter, down nearly 26% from sales of $4.3 billion in the second quarter a year ago.
The company attributed some of the sales loss to a store closures in the past year.
Total comparable store sales declined 3.9% during the quarter, reflecting Kmart comparable store sales declining 3.7% and Sears comparable store sales declining 4% during the period.
As of Aug. 4, 2018, the company had utsed approximately $780 million of its $1.5 billion revolving credit facility due in 2020, consisting of $660 million of borrowings and $120 million of letters of credit outstanding, Sears Holdings reported.
Sears Holdings was expected to announce its second quarter financial results on the morning of Sept. 13, but the company delayed the report until after the close of trading.
No comments found