Sears Holdings 3Q Nov 22, 2011

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Appliance retailer Sears Holdings Corp. reported a third quarter 2011 net loss of $421 million, compared to a $218 million net loss in 3Q 2010. The company reported comparable store sales were own in its Sears domestic United States stores, by 0.7%; Kmart stores, 0.9%, and Sears Canada stores, 7.8%.

"We saw improvement in some core areas," said Lou D'Ambrosio, Sears Holdings' CEO and president. "Sears Full-line Stores saw improvement. We also saw nearly 20% growth in our domestic online business, and while appliance sales declined in the quarter, we improved our market leadership positions in overall appliance s and Kenmore."

Total third quarter revenues decreased $113 million to $9.6 billion, compared to $9.7 billion in 3Q 2010. Decreases in sales for the quarter at Sears Domestic were primarily driven by appliances and consumer electronics, and were partially offset by increases in apparel.

Operating loss for the quarter was $459 million in 2011 and $292 million in 2010.

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