$9M Net Loss Produced by Sears-Kmart in Q1
Same-store sales fell at both Sears and Kmart during the first quarter since Kmart purchased Sears, according to a report filed by Sears Holdings Corp., the new parent of both companies.Also, the newly combined entity reported a net loss of $9 million.
For the 13 weeks ended April 30, Kmart's stores experienced a 3.7 percent decline in sales while Sears' stores posted a 3.1 percent dip in sales.
First-quarter revenue for Sears Holdings totaled $7.6 billion.
The report also said that in the quarter, Sears Holdings eliminated about 780 Sears and 70 Kmart employees. It also notified another 1,400 Kmart employees that their positions would be eliminated or relocated to the Hoffman Estates, IL, headquarters or to a transaction processing center in Dallas.
Chantal Todé covers catalog and retail news and BTB marketing for DM News and DM News.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters
