Sears Loses $61M in Q3

Share this article:
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.


This material may not be published, broadcast, rewritten or redistributed in any form without prior authorization. Your use of this website constitutes acceptance of Haymarket Media's Privacy Policy and Terms & Conditions