Sears 2nd-quarter loss widens as retailer continues to deal with sluggish sales

IndustriesAssociated Press

Sears said Thursday that its second-quarter loss widened as it continues to deal with weak sales.

The retailer — which runs Sears and Kmart stores — lost $573 million, or $5.39 per share, for the period ended Aug. 2. That compares with a loss of $194 million, or $1.83 per share, a year earlier.

Continue Reading Below

The Hoffman Estates, Illinois, company is still working to turn itself around, with efforts including lowering costs, investing in its loyalty program and improving prices and promotions.

Revenue declined 10 percent to $8 billion from $8.87 billion.

Sales at Kmart stores open at least a year fell 1.7 percent. At Sears locations, the figure edged up 0.1 percent.

Sears Holdings Inc. says it is still looking at options for its auto center business and Sears Canada.