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Sears Reports a Loss
Produced by Susie An on Thursday, November 19, 2009
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Sears Holdings issued a poor earnings report for the second consecutive quarter. Despite early holiday season promotions, shoppers are spending their money elsewhere.
Sears, based in northwest suburban Hoffman Estates, has been struggling for years, now. The company's third quarter report, released today, shows that continuation. The owner of Sears and Kmart stores lost $127 million for the quarter ending in October. That's not as weak as this time last year when the company reported a loss of more than $145 million.
Excluding things like store closing costs, Sears lost 81 cents per share. That's stronger than a loss of $1.09 per share that analysts had predicted. Revenue at the company led by hedge fund financier Edward Lampert fell 4 percent beating out Wall Street's estimate.
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