Retailer Sears said 2Q profit fell 62%. Yet it said that it expects that its sales and gross profit margins will continue to be pressured as it sees no near-term improvement in the economy.
The retailer earned US$65 million, or $0.50 per share, in the three-month period ended Aug. 2. That compares with $173 million, or $1.15 per share, in the year-ago period.
Revenue declined to $11.76 billion from $12.26 billion in the year-ago period. Same-store sales dropped 6.2% in the U.S. Same-store sales fell across most categories at both Kmart and Seers' U.S. stores, but continued to be offset by gains in sales of consumer electronics, the company said.
