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VOL. 42 | NO. 37 | Friday, September 14, 2018

Sears sales decline improved in latest quarter; shares soar

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NEW YORK (AP) — Sears Holdings Corp., the struggling department store operator, said it key sales figure improved and its stock soared in after-hours trading Thursday.

The company, which owns both Sears and Kmart, said sales fell 3.9 percent at established stores in its second quarter. That's an improvement from the same period a year ago, when it fell 11.5 percent.

Sears has been closing stores, cutting costings and selling brands as it burns through money and sees more customers abandon its often-neglected locations. It said Thursday that it is still evaluating offers to buy its Kenmore appliance brand. Last year, it sold its famous Craftsman brand to Stanley Black & Decker Inc.

Its losses and revenue, however, did not improve.

Net losses in the quarter swelled to $508 million, or $4.68 per share, compared with a loss of $250 million, or $2.33, in the same quarter a year ago. Losses, adjusted for asset impairment costs, came to $4.12 per share.

Revenue shrank 26 percent to $3.18 billion.

Shares of Sears Holdings, which were down 84 percent in the last year, rose 28 percent to $1.55 in after-hours trading Thursday. The company is based in Hoffman Estates, Illinois.

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TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0