Newspaper article St Louis Post-Dispatch (MO)

Aggressive Cost-Cutting Helps Sears Narrow Loss

Newspaper article St Louis Post-Dispatch (MO)

Aggressive Cost-Cutting Helps Sears Narrow Loss

Article excerpt

NEW YORK * Sears said Thursday that revenue and a key sales figure plummeted in its most recent quarter as it closed stores, shut down pharmacies at some Kmart locations and lost shoppers to other retailers.

But the struggling department store operator did have one bright spot: Its third-quarter loss narrowed from a year ago as it aggressively cut costs.

Sears reported a net loss of $558 million, or $5.19 per share, in the three months ending Oct. 28. In the same period a year ago, it reported a loss of $748 million, or $6.99 per share.

Revenue dropped 27 percent to $3.66 billion, with more than half of that decline coming from store and pharmacy closures, the company said.

Sales at established stores, a key measure of a retailer's health, plunged 15. …

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