Sears Holding stumbles in 4Q
HTT Staff -- Home Textiles Today, 2/24/2011 3:49:48 PM
Hoffman Estates, Ill. - Kmart outpaced Sears in comp performance during the fourth quarter, but parent company Sears Holding finished the period with a 13% profit slide.
For the quarter ended Jan. 29, net income fell to $375 million, or $3.43 per share.
In his annual year-end letter to shareholders, chairman Eddie Lampert called the performance "completely unacceptable."
Consolidated revenues dropped 7.3% to $13.1 billion, with total comp down 1.2%. Kmart's same-store sales rose 2.5% while Sears Domestic comps fell 4.5%.
For the year, net income plunged 43.4% to $133 million.
Fiscal year sales fell 14.2% to $43.3 billion, which Sears Holding attributed to lower comps and a reduced store base. Total comp slipped 1.6%, with Kmart up 0.7% and Sears Domestic down 3.6%.
The home department was not listed among the categories that performed well nor among those that did not.
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