Sears Holdings (NASDAQ: SHLD) the parent company of Sears and Kmart stores, reported a narrower net loss for the fiscal third quarter than it did a year ago, as the company pushes to return to profitability against a backdrop of store closures and vendor disputes.
Meanwhile, the department store chain's total same-store sales tumbled a whopping 15.3% during the latest period. That consisted of a 13% decline at Kmart locations, and a 17% drop in comparable sales at Sears stores.
Moving forward, Sears said it will continue to explore ways to monetize its real estate portfolio and consider other asset sales. The company will look to diversify its revenue stream through third-party partnerships including those within it Sears Home Services, Innovel, Kenmore and DieHard businesses.
CEO Eddie Lampert issued a statement in which he said,"With the challenging retail landscape continuing to pressure sales, the improvement in Adjusted EBITDA is reflective of the success of the strategic priorities we outlined earlier this year to streamline our operations, reduce inventory and minimize operating expenses.”
Sears posted a net loss of $558 million, or $5.19 a share, during the fiscal third quarter, compared with a loss of $748 million, or $6.99, during the same period last year. Excluding one-time items, Sears lost $2.64 a share.
The company reported total revenues of roughly $3.7 billion for the fiscal third quarter, compared with $5 billion a year ago.
The stock opened Thursday trading at $5.14, that is to say, 93 cents, or 22.1%, above Wednesday’s close.
