Sears 3Q Loss Less Than Expected;Kmart Stronger

Sears Holdings Corp.'s (SHLD) fiscal third-quarter loss narrowed more than expected amid inventory and other cost cuts, but its namesake stores continued to see sales decline.

Same-store sales increased at Sears' Kmart stores, and overhead costs were reduced by about $101 million, while total debt was cut and Sears continued buying back shares.

"We saw some encouraging signs of progress in the third quarter," Interim Chief Executive Officer Bruce Johnson said in a news release.

The results still raised questions about the important holiday season. Sears has been rolling out promotions since late summer, with initiatives including a Christmas Club program that offers rebates, the addition of toy departments and aggressive marketing of layaway services.

Read Full Article from Wall Street Journal

- Posted: 2009-11-19 11:34:15

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