Sears Loses $61M in Q3
Sears, Roebuck and Co. yesterday reported a net loss of $61 million for the third quarter ended Oct. 2 compared with net income of $147 million for the year-ago period."A number of factors contributed to a disappointing third quarter, including softer retail demand, larger-than-expected costs associated with seasonal transitions and a slower ramp up of sales following certain business resets," Sears chairman/CEO Alan J. Lacy said in a statement.
Other factors contributing to the loss include that the domestic segment reported an operating loss of $106 million for the quarter while merchandise sales and services revenue totaled $7.1 billion compared with $7.4 billion in the year-ago period.
