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Principale » Sears posts 2nd-qtr loss on fewer store visits (SHLD, MET)

Sears posts 2nd-qtr loss on fewer store visits (SHLD, MET)

24 Août 2017

They said they would publicly release a list of closing stores Thursday afternoon.

The net loss for the quarter - following what the company said was positive earnings in July - was $251 million.

The new closures are in addition to 330 Sears or Kmart locations that have already been shut down or are scheduled to be closed this year. In February, the company said it would cut at least $1 billion in costs this year, mainly by monetizing its real estate.

The department store operator posted revenue of $4.37 billion in the period.

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There are 12 Kmart stores now open in MA.

Same-store sales - a metric closely watched by the Street for retail stocks - fell 11.5 percent overall for the second quarter.

Met with fears by the Street that a bankruptcy was looming, Sears countered by saying it remained focused on trying to improve its business, saying the language was in adherence to regulatory standards.

As of Wednesday's market close, shares of Sears have fallen more than 40 percent over the past 12 months.

Sears posts 2nd-qtr loss on fewer store visits (SHLD, MET)