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Sears Q2 Loss Narrows; To Close 28 Kmart Stores

Sears Q2 Loss Narrows; To Close 28 Kmart Stores

Kohl's Department Stores has also been struggling with declining retail sales, but that company's CEO said that rather than close stores, it will shrink existing stores.

Sears reported an adjusted EPS loss of $1.16, but still beat estimates of EPS loss of $2.48.

Total revenues for the quarter declined 22.8 percent to $4.37 billion from $5.66 billion in the prior-year period. Sales at stores open at least a year, a key measure of a retailer's health, dropped 11.5 percent.

The last Kmart in Mesa will be among the 28 stores going out of business in the next few months, parent company Sears announced Thursday.

In fiscal year 2017, Kmart tagged more than 330 stores for closure.




Sears Holdings Corp. said in an online statement that "later this morning we will be notifying associates at 28 Kmart stores that we will be closing these stores later this year".

Questions over Sears' future have mounted this year, particularly after the company noted in a securities filing that historical operating results indicate "substantial doubt" about its ability to stay afloat. And Sears doesn't show the same signs that the retailer has stopped or slowed the hemorrhaging of sales, as many of its peers did in their Q2 releases. The only remaining Kmart stores in Kansas, according to the Kmart website, are in Kansas City, Kan., Salina and Wichita.

"The comprehensive restructuring of our operations is delivering cost efficiencies and helping drive improvements to our operating performance", Lampert said. Analysts had expected a loss of $2.48 per share.

Sears already has closed 180 stores this year. The move followed an agreement with Amazon.com (NASDAQ:AMZN) to sell Kenmore appliances on the website.

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