Sears Holdings posts lower-than-expected quarterly loss
19 Nov 2012
Sears Holdings Corp posted a lower-than-expected quarterly loss, but its same-store sales figures were affected by poor demand for popular consumer electronic products triggering a 6 per cent fall in the retailer's shares.
With the increasing popularity of smartphones as a multi-purpose device, the sales of other best-selling electronic items such as digital cameras, MP3 players and camcorders, had been hit with the items being offered at lower prices.
Chief executive Louis D'Ambrosio said on a conference call with analysts that the retail industry continued to change dramatically and rapidly. He added, it would never go back to what it was and the consequences were evident for those that had not changed fast enough.
Third-quarter net loss at the company widened to $498 million, or $4.70 per share, from $410 million, or $3.85 a share, a year earlier.
The loss, on an adjusted basis stood at $1.99 per share. According to Thomson Reuters, analysts had expected a loss of $2.18 per share.
Sales were 6 per cent to $8.86 billion with the shutting of underperforming stores. Analysts has expected sales at $8.59 billion.
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