7am News, Sports and Obits

Latest WGIL news
Click to play or
Right click and "Save Target As" to download
Click for Galesburg, Illinois Forecast
Home - Cancellations - Community Events - Contact Us - Mornings - News - Obituaries - Pictures - Programs - Special Events Audio - Sports - Weather
Sears Holdings 2Q Loss Narrows by Half
HOFFMAN ESTATES, Ill. (AP) -- There's good news and bad news for Sears Holdings.

The Hoffman Estates-based retailer cut its second-quarter loss by more than half as profit margins perked up at its Kmart chain. But weak shopper spending amid a tough economy led to a decline in an important revenue measure.

For the three months that ended in late July, the owner of Sears and Kmart lost $39 million. That's better than last year's loss of $94 million.

Interim CEO W. Bruce Johnson says the company's long-struggling Kmart brand was able to improve its profit margins during the quarter. But revenue at stores open at least a year, declined 1.4 percent at the brand. It was Kmart's first decrease in that measure in three quarters.

The measure fell 2.8 percent at Sears as shoppers spent less on lawn and garden items, tools and consumer electronics.

(Copyright 2010 by The Associated Press. All Rights Reserved.)
08 19 10 by Newsroom
News management powered by Xpression News

Click here for the WGIL News Archive

Click here for national news

The following provision applies to all visitors (which shall include persons and representatives of legal entities, whether such representatives are persons or digital engines of a kind that crawls, indexes, scrapes, copies, stores or transmits digital content). By accessing this Web site or digital service, you specifically acknowledge and agree that: (i) Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium; (ii) No Associated Press materials nor any portion thereof may be stored in a computer except for personal and non-commercial use; (iii) The Associated Press will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing; (iv) The Associated Press is an intended third party beneficiary of these terms and conditions and it may exercise all rights and remedies available to it; and (v) The Associated Press reserves the right to audit possible unauthorized commercial use of AP materials or any portion thereof at any time.