Appliance Growth Helps Boost Comps at Sears Hometown and Outlet Stores
Sep 3, 2013
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Sears Hometown and Outlet Stores reported that its second quarter operating income was down 54% to $15.4 million, from $33.7 million in the second quarter of the previous year.
Sears Hometown and Outlet Stores' fiscal second quarter ended August 3, 2013. Net income attributable to stockholders was down 57% to $9.1 million, compared to $21.1 million in the prior year.
Comparable store sales increased 1.4% from the prior year.
Year-to-date operating income was down 41% to $40.1 million, from $68.2 million in the previous year.
Year-to-date net income attributable to stockholders decreased 42% to $24.1 million, from $41.7 million in the previous year. Year-to-date comparable store sales were down 1.8% from the previous year.
"Second quarter net sales growth of 1.9% reflected comparable store growth of 1.4%, plus the benefit of new store openings," said CEO and President Bruce Johnson. "We saw increased sales in most categories, including double-digit growth in lawn and garden and growth in comparable store sales in home appliances."
The retailer increased its inventory of appliances and home HVAC equipment during its fiscal second quarter.
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