Sears Holdings Corp., one of the United States' biggest retailers of major appliances, reported a second quarter 2011 net loss of $146 million, compared to a low of $39 million in the second quarter of 2010. Sears Holdings said comparable store sales at its Kmart stores were flat, while Sears Domestic comparable store sales declined 1.2%.
Total revenues in the second quarter decreased $125 million to $10.3 billion for the quarter ended July 30, 2011, compared to total revenues of $10.5 billion for the quarter ended July 31, 2010. This resulted from a 0.7% decrease in domestic comparable store sales and the effect of having fewer Kmart and Sears Full-line stores in operation, in addition to a 5.8% decline in comparable store sales at Sears Canada. This was partially offset by an increase of $86 million due to changes in the Canadian foreign exchange rate.
Lou D'Ambrosio, Sears Holdings' Chief Executive Officer and President, said, "We are not satisfied with our results and are taking actions to turn around our performance."
New appliance product introductions are intended to help spur the appliance business. "We also introduced innovative products (in the second quarter), such as the newly launched 31 cubic foot Kenmore Trio refrigerator, as Kenmore recaptured the leadership position in major appliances," D'Ambrosio said.
The second quarter also saw Sears closing 29 stores, including 10 Kmart stores, three full-line stores, 12 hardware and appliance stores, two Sears Auto Centers and two The Great Indoors stores.
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