“Disappointing quarter”

The US retail group Sears has completed a “disappointing quarter” in the words of chairman and chief executive officer Alan J. Lacy. The quarter came to an end on 3 July. In the home market in the USA the company recorded retail sales of US $ 7.771 bn (€ 6.388 bn), which amounts to 2.5 per cent less than in the comparable period last year. Sales were down by 2.9 per cent in like-for-like terms. However, the group’s hardware and dealer businesses, as well as the DIY format, The Great Indoors, succeeded in holding their own and achieving positive rates of growth. Some individual product categories, such as lawn mowers and patio furniture, also recorded an increase.