Sears Holdings Corp. said slower appliance sales were partially the cause of its third quarter 2010 net loss of $218 million, compared to a loss of $127 million in 3Q 2009. Revenues decreased $512 million to $9.7 billion in the third quarter, compared $10.2 billion in 3Q 2009.
Sears Holdings operates the retail chains Sears and Kmart.
"While Kmart improved profitability, our third quarter results were disappointing, in large part due to lower sales of apparel and appliances at Sears," said W. Bruce Johnson, Sears Holdings' interim CEO and president.
The decline in Sears' sales of home appliances was blamed primarily on softness in the appliance market, lower
average selling prices, and delays in transition to new Kenmore-brand products.
For the first nine months of 2010, Sears reported a net loss of $241 million, compared to a new loss of $195 million in the same period of 2009.
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