Sears profit falls on lower sales, increased discounts |
| MarketWatch - Aug 30, 2007 |
Sears Holdings Corp. said second-quarter profit tumbled 40% after lower sales at both its Sears and Kmart chains led to increased discounts.
Net income in the quarter ended Aug. 4 fell to $176 million, or $1.17 a share, from $294 million, or $1.88 a year earlier, when it had a 14-cent gain from a lawsuit settlement. Revenue including merchandise sales and services dropped 4.3% to $12.2 billion, the Hoffman Estates Ill.-based company said Thursday.
Sears cut prices and increased other promotions after demand fell across most categories at both its Sears shops in the U.S. and Kmart locations. Sears, the biggest U.S. retailer of appliances, has unveiled an Ultimate Appliance Promise campaign to spur buying of refrigerators and other appliances, where sales have slowed amid weak housing markets.
Read Full Article from MarketWatch
- Posted: 2007-08-30 10:00:50
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