Negative quarterly result for Sears

Sears has increased revenues for the third quarter over the same period last year by 1.1 per cent to US $ 7.3 bn (€ 6.3 bn). Comparable domestic store sales have grown by 1.2 per cent. The group registered a strong performance in its garden business. However, it recorded an operating loss of US $ 85 mio (€ 73 mio). Cited as one of the underlying causes of this loss is a pre-tax charge of US $ 141 mio (€ 122 mio) related to the restructuring of the group’s DIY retail channel, The Great Indoors. This is also the reason why the domestic gross margin rate has seen a decline from 27.5 per cent to 26.2 per cent.