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.
HBSDealer Stock Watch: Bears break loose
|Hardware and building supply stocks were decidedly bearish during trading on Thursday. BECN and BLDR were both down more than 5%, and most of the 30 stocks below finished the day lower.|
|BLDR (Builders FS)||16.21||-5.26%|
|BMCH (BMC Stock)||21.75||-3.76%|
|CENT (Central Garden)||39.29||-1.85%|
|DE (Deere & Co.)||148.87||+0.74%|
|HD (Home Depot)||209.45||-1.19%|
|LL (Lumber Liquidators)||17.41||-1.75%|
|SMG (Scotts Miracle-Gro)||77.58||-0.47%|
|TSCO (Tractor Supply)||88.61||-0.02%|
|UFPI (Universal Forest)||37.13||-2.93%|
Simpson Strong-Tie invites ‘best shots’
A photo contest highlights an expansion of the Outdoor Accents line.
Pleasanton, Calif.-based Simpson Strong-Tie expanded its Outdoor Accents decorative hardware line to offer deck builders and others more options for outdoor projects.
And to highlight the fact, the company launched its Outdoor Accents “Give It Your Best Shot” photo contest, which runs through Oct. 22. Anyone who has built an outdoor living structure using Outdoor Accents decorative hardware is invited to send in photos for a chance to win an outdoor TV, YETI cooler and Simpson Strong-Tie-branded items.
ntroduced in 2016, the Outdoor Accents collection accommodates nominal and rough lumber sizes to provide designers and installers with maximum flexibility when planning and building custom outdoor structures. The patent-pending hex-head washer, when used with the structural screw, offers the look of a bolted connection with significantly faster and easier installation than through-bolting.
2018 additions to the Outdoor Accents line include joist hangers, gable plates, decorative side plates and new sizes of the popular APDJT joist tie, the APDTS3 Texas star and the APDMW56 decorative washer. All Outdoor Accents connectors and fasteners — including screws, post bases, strap ties and angles — are made from exterior-rated galvanized steel with a black powder-coat finish for corrosion protection.
“We are excited to continue the expansion of our successful line of decorative outdoor hardware and provide contractors and builders with a one-stop solution for attractive connectors and fasteners that are easy to install and provide superior load strength,” said Sam Hensen, Simpson Strong-Tie vice president of connectors and lateral systems.