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Marginal fall in Q2 sales at Sears Holdings
22
Aug '13
Sears Holdings Corporation reported its second quarter 2013 results.

Highlights:

- Net loss attributable to Holdings' shareholders of $194 million, or $1.83 loss per diluted share, compared to $132 million, or $1.25 loss per diluted share, in the prior year quarter;

- Adjusted EBITDA of $(55) million for the second quarter of 2013 compared to $116 million in the prior year quarter;

- Adjusted loss per diluted share for the quarter of $1.46 and $1.06 in 2013 and 2012, respectively;

- Second quarter 2013 included gains on the sale of assets of $58 million, after tax and noncontrolling interest, from the sale of certain U.S. and Canadian stores and leasehold interests. These transactions generated approximately $277 million of cash proceeds;

- In the second quarter of 2013, Kmart comparable store sales declined 2.1%, Sears Domestic declined 0.8% and Sears Canada declined 2.5%;

- Our online business on sears.com and kmart.com grew 20% over the prior year second quarter;

-Our Shop Your Way membership program is continuing to gain traction with our members as members continue to engage in all aspects of our program, including points and other program benefits. Shop Your Way members generated over 65% of our revenues at Sears Domestic and Kmart during the quarter, as compared to over 55% in the prior year quarter;

- Gross margin rate decreased 210 basis points for the second quarter of 2013 compared to the prior year second quarter; and

- Domestic inventory declined $968 million from the prior year second quarter. Excluding the inventory related to Sears Hometown and Outlet Stores, Inc. ("SHO"), Domestic inventory declined approximately $564 million.

"We made meaningful progress this quarter in our transformation to a member-centric company. Shop Your Way members represented over 65% of our sales and they redeemed rewards points at a significantly higher rate than last year.

"While the increase in Shop Your Way promotional activity and member redemptions resulted in a meaningful increase in our costs, it demonstrates that our members are deepening their engagement with our program which will allow us to further accelerate our transformation," commented Eddie Lampert, Sears Holdings' Chairman and Chief Executive Officer. "At the same time, we recognize how important it is to improve the profitability of our company and I am disappointed that we did not deliver a better result."


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