Sears 3Q loss widens as sales continue to soften; online sales increase

MarketsAssociated Press

Sears's third-quarter loss widened on income tax expenses and soft sales.

The retailer, which also owns Kmart, lost $548 million, or $5.15 per share. A year earlier it lost $534 million, or $5.03 per share.

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Sears had a $159 million income tax expense, compared with a $2 million income tax gain last year.

Revenue dropped 13 percent to $7.21 billion.

Online sales climbed about 9 percent.

Sears Holdings Corp. said Thursday that it has closed or announced plans to close about 235 stores, mostly Kmart locations. The Hoffman Estates company has more than 1,830 Sears and Kmart stores.