Sears Cuts Ad Spend By $45 Million
Total revenues fell $1.2 billion to $10.6 billion for the quarter, and same-store sales at domestic stores dropped 8.6%, based on a 12.5% fall at Sears stores and a 3.9% dip at its Kmart stores. The company attributed the decline to continued weakness in appliance sales, as well in clothing.
"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," company execs say in its earnings release. "We have reduced our selling and administrative expenses by approximately $1 billion over the past four quarters, including a reduction of $212 million this quarter." It says its ad spending cuts occurred mostly in Canada.--Sarah Mahoney