Sears' Q4 same-store sales dropped 11%
Sears Holdings Corp. reported revenues for the fourth quarter ended January 31 decreased $1.8 billion, for a total of $13.3 billion. This compares to revenues in the previous Q4 period that totaled $15.1 billion.
During the same period, domestic comparable store sales declined 8.3% in the aggregate. Sears domestic comparable store sales declined 11%, and Kmart comparable store sales dropped 5%.
The retailer said that it had closed 24 underperforming stores in January in addition to previously announced store closings.
Full-year fiscal 2008 revenues totaled $46.8 billion, compared to $50.7 billion in fiscal 2007.
For the year, Sears domestic comparable store sales dropped 9.5%, and Kmart comparable store sales declined 6.1%.
Net income totaled $190 million, or $1.55 per diluted share, for the fourth quarter, compared to net income of $426 million, or $3.17 per diluted share, for the previous fourth quarter.
For the fiscal year, net income totaled $53 million, or 42 cents per diluted share, compared with net income of $826 million, or $5.70 per diluted share, for the previous fiscal year.