Department store retailer Sears Holdings recorded a loss of $218m (£136m) for the three months ended October 30, from $127m (£80m) during the prior-year period. Sales declined 4.9% to $9.7bn (£6bn), primarily as a result of a 4.8% decrease in domestic like-for-like sales.
The retailer said that results were hurt by lower apparel sales at its Sears department stores and by an “overall softness” in home appliances and electronics.
At Kmart, quarterly like-for-likes were 0.7% lower due to slowing demand for food and pharmacy items. Total company gross margin narrowed to 26.4% from 27.2%, partly affected by increased discounts at Sears Canada and reduced margins at Sears in the US.