Sears Holdings reports third quarter net loss

Sears Holdings Corp., Hoffman Estates, Ill., reported its results for the third quarter of 2009. The Company had a net loss for the quarter of $127 million as compared to a net loss of $146 million in the third quarter of 2008. Sears Holdings announced  an improvement in domestic Adjusted EBITDA of $14 million for the third quarter of 2009 and $128 million for the first nine months of 2009 as compared to the prior year periods; and an increase in comparable store sales at Kmart of 0.5 percent as compared to the same quarter in 2008.

“We saw some encouraging signs of progress in the third quarter. Comparable store sales increased at Kmart and the decline in sales at Sears moderated during the quarter. Additionally, we increased margin rates and reduced selling and administrative expenses by $101 million,” said W. Bruce Johnson, Sears Holdings’ interim chief executive officer and president. “As we approach this important selling season, we are focused on executing our holiday strategy and meeting our customers’ needs.”

Total revenues decreased $470 million to $10.2 billion for the 13 weeks ended October 31, 2009, as compared to total revenues of $10.7 billion for the 13 weeks ended November 1, 2008. The decrease was primarily due to lower comparable store sales and 56 fewer Kmart and Sears full-line stores, partially offset by an increase of $42 million due to the impact of foreign currency exchange rates.