Sears posts net loss
Sears Holdings Corp. posted a third-quarter net loss of $421 million, the company reported Nov. 17. Sears brand domestic comparable store sales declined 0.7% and subsidiary Kmart's comparable store sales declined 0.9%.
The holding company's total revenue decreased 1.2% to $9.6 billion for the quarter, which ended Oct. 29, 2011. Operating loss for the quarter was $459 million, compared with $292 million during the third quarter of 2010.
Operating expenses for the holding company totaled $10 billion during the third quarter, a slight increase over $9.9 billion third-quarter 2010 operating expenses.
In a statement, Lou D'Ambrosio, Sears Holdings CEO and president, said he was not satisfied with the company's performance but believes it is poised to compete in the future.
“We believe it is becoming more and more obvious that the future of retail will revolve around the seamless integration of online and offline experiences. Sears Holdings has the combination of assets that will allow us to play a large and important role in bringing these experiences to all Americans through integrated retail,” he said in the statement.
The holding company said David Friedman, SVP and president of marketing, would resign his post in January. Imran Jooma, SVP and president of e-commerce at Sears Holdings, will manage the retailer's online, marketing, financial services and pricing business units, according to an internal memo provided to Direct Marketing News earlier this month.
The company named Monica Woo VP and CMO in August. She replaced Don Hamblen, who left the company in January 2010.
A Sears representative was not immediately available for comment.