Hoffman Estates, Ill. -- Sears Holding Corp. reported Thursday a loss of $132 million for the quarter ended July 28, narrowed from a loss of $146 million in the year-ago period. The retailer cited expense cutting and reduced inventory for the performance improvement.
The company's adjusted results met analysts’ forecasts but revenue missed on falling sales at Sears and Kmart stores. Sales dropped 7% to $9.47 billion, missing Wall Street's $9.68 billion forecast. Same-store sales at U.S. Sears stores fell 2.9%, and at Kmart stores they fell 4.7%.
Sears Canada same-store sales dropped 7.1%. Partial spin-off of Sears Holding’s interest in the Canada division is slated to close in the second half of the year.