Retail giants Sears’ and Kmart’s income hits a wall during third quarter.
For the period ended Oct. 31, the owner of Sears and Kmart stores lost $454 million, or $4.26 per share. That compares with a loss of $548 million, or $5.15 per share, a year ago. Stripping out certain items, Sears Holdings Corp. lost $2.86 per share.
The retailers reduced expenses and remained focused on its reward program customers. Its sales continued to soften though. Chairman and CEO Edward Lampert, a billionaire hedge fund investor, combined Sears and Kmart in 2005, about two years after he helped bring the latter out of bankruptcy.
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