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Sears Losses Grow In Second Quarter

Aug 18, 2011, 11:43 AM
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With shoppers continuing to shun both its Sears and Kmart chains, Sears Holdings says its losses widened to $146 million in the second quarter, compared to a loss of $39 million in the same period last year. Revenues decreased $125 million to $10.3 billion for the quarter.

Kmart's comparable store sales were flat, while Sears U.S. comparable store sales declined 1.2%. "We are not satisfied with our results and are taking actions to turn around our performance in a challenging economic environment," says Lou D'Ambrosio, president/CEO, says in the company's release.

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