Sears Posts Huge 3rd-Quarter Loss

Published by: Dave Simmons on 18th Nov 2010 | View all blogs by Dave Simmons
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Sears Posts Huge 3rd-Quarter Loss

Sears Holdings Corp., the largest department store chain in the US, reported third-quarter results on Thursday, posting a widened loss as the nation's consumers continue to exercise caution amid high levels of joblessness.

The company's net loss for the quarter widened to $218 million, or $1.98 per share, comapred to a narrower loss of $127 million, $1.09 per share, in the same period of 2009.  Excluding certain items, the loss was $1.71 per share, far exceeding the consensus estimate of $1.11 per share in a recent Bloomberg survey.

Sears has been suffering in the appliances and home-improvement categories since federal tax credits for homebuyers expired at the end of April.  The firm's total sales fell by 5 percent in the quarter to $9.7 billion as shoppers were hesitant to spend on appliance, seasonal clothing, electronics, and other discretionary items.

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