Retail chain operator Sears Holdings Corp. today reported narrower losses in the second quarter 2012 results.
Sears Holdings reported 2Q 2012 adjusted EBITDA increased $95 million for the quarter to $153 million, from $58 million in 2Q 2011. Domestic EBITDA increased by $114 million - to $144 million in 2012 from $30 million in 2Q 2011. Sears Canada's EBITDA was down $19 million, to $9 million in 2Q 2012 from $28 million in 2Q 2011.
Net loss from continuing operations in 2Q 2012 was $132 million, from $152 million in 2Q 2011.
In the second quarter of 2012:
* Sears Domestic's comparable store sales were down 2.9%
* Kmart's comparable store sales were down 4.7%
* Sears Canada's comparable store sales were down 7.1%
Sears Holdings is currently working on the spin-off of about 1200 Hometown and hardware stores. The smaller stores sell appliances, lawn and garden equipment, consumer electronics, and other products.
"The Sears Hometown transaction remains on track to close in the third quarter," said Lou D'Ambrosio, Sears Holdings' CEO and president.
Back to Breaking News