Sears reported a net loss of $421 million for the third quarter, compared to a loss of $218 million in the same period a year ago. And revenues, falling short of expectations, slipped $113 million to $9.6 billion. On a comparable store basis, sales dipped 0.7% at Sears in the U.S., 7.8% at Sears in Canada, and 0.9% at its Kmart division. Domestic online sales grew 20%.
The Wall Street Journal, pointing out that sales have declined at Sears Holdings ever since it was formed in 2005, ran a detailed report on how little Sears has spent maintaining and freshening its locations, describing them as “Dead Man Walking stores.”
The company, conceding the results were a letdown, says it is focusing on “the seamless integration of online and offline experiences,” which includes “rolling out innovative technology applications and devices to store sales associates to deliver value to our customers in Sears and Kmart stores; providing our customers with a faster experience, more product choice, and easier ways to purchase, return and exchange using a combination of online, mobile and store based services.”