Sears Shuttering 28 More Locations, Comparable Sales Down 11.5%

Posted August 25, 2017

Losses, adjusted for one-time gains and costs, came to $1.16 per share.

Same-store sales declined 11.5% during the second quarter of 2017, reflecting a drop of 9.4 percent at Kmart stores and 13.2 percent at Sears.

As of Wednesday's market close, shares of Sears have fallen more than 40 percent over the past 12 months. Earlier this summer, the company closed 35 Kmart and eight Sears locations, including its Garfield Heights Kmart, bringing its total of closures this year to more than 300.

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Sears Holdings Corp. announced Thursday it will close the Kmart store on Garfield Avenue in Cranston by mid-November, one of 28 Kmarts nationwide the struggling retailer will shutter in its latest round of closings. S&P Global Market Intelligence analysts had estimated a same-store sales decline of 7.1 per cent.

The bleeding at Sears Holdings (shld) shows no signs of stopping.

"We are making progress on the strategic priorities we outlined earlier this year and remain focused on returning our Company to profitability". The company lost $251 million for the quarter. This week, Sears said it would expand distribution of Kenmore vacuums and DieHard flashlights and alkaline batteries to other retailers. "Assets sales proceeds have been key to funding operating cash shortfalls, which we expect to be in excess of $1.2 billion this year".

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The retailer has been trying to cut costs by closing stores, including 180 this year, and already had plans to cut another 150 stores.

Sears announced back in July that it will be working with Amazon to sell Kenmore products and believe this will be a growth opportunity for the company.

The discount retail chain had more than a dozen stores in the area in 2011, according to Post-Dispatch files.

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