Business

Market Movers

Sears 2Q loss widens as sales weaken

Sears Holdings operates 2,500 stores in the United States and Canada.
Reuters/File 2011
Sears Holdings operates 2,500 stores in the United States and Canada.

Another bad quarter for Sears Holdings Corp.: The retailer, which runs the Kmart and Sears chains, said its loss widened to $194 million, or $1.83 per share, versus a loss of $132 million, or $1.25, a year earlier. Revenue fell 6 percent to $8.87 billion, mostly due to store closings. Revenue at US stores open at least a year fell 1.5 percent, including 2.1 percent at Kmart and 0.8 percent at Sears. Deep discounts hurt the results, as did store closings. Sears, said Gary Balter, at Credit Suisse, ‘‘remains on a dangerous downward spiral.’’

Advertisement