Sears Q2 loss widens amid weakening sales and loyalty programme discounts
ChainStoreAge.com - Aug 23rd 2013, 08:23
Hoffman Estates, Ill. -- Sears Holdings’ second-quarter loss widened as the company was challenged with store closings, weak sales and deep discounts. Its performance was also impacted by the lingering effects from its spinoff of its Hometown and Outlet Stores banner.
For the period ended Aug. 3, Sears lost $194 million, compared with a loss of $132 million in the year-ago period.
Revenue dropped 6% to $8.87 billion, from $9.47 billion. Same-store sales fell 1.5%, with a 2.1% drop at Kmart and a 0.8% drop at Sears.
Sears chairman and CEO Eddie Lampert said he was “disappointed” in the chain’s results. But he cited “meaningful progress” during the quarter with the company’s Shop Your Way loyalty programme, whose members represented over 65% of sales.
“While the increase in Shop Your Way promotional activity and member redemptions resulted in a meaningful increase in our costs, it demonstrates that our members are deepening their engagement with our programme, which will allow us to further accelerate our transformation,” Lampert said.
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