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.
to Daily News