Sears Posts Loss
Sears Holdings, the parent company of the Sears and Kmart retail chains, posted a $94 million loss for the period ended August 1. The company posted a profit of $65 million the same period last year.
Same-store sales dropped 12.5 percent at Sears and 3.9 percent at Kmart, although the company said electronics sales had risen at Kmart.
"While the overall retail market remains difficult and its impact is reflected in our results, we continue to take actions to increase the efficiency of our operations," the company's interim CEO, W. Bruce Johnson, said as part of the announcement.