Sears Holdings Q3 revenues fall 26%

Sears Holdings Corporation reported total revenues of $3.7 billion for the third quarter 2017, a 26% drop from revenues of $5 billion the third quarter 2016.

The Hoffman Estates, Ill.-based parent company of Sears and Kmart also reported a net loss of $558 million for the third quarter, in comparison to a net loss of $748 million in the third quarter 2016.  

Store closures contributed to more than half of its revenue decline, the company said. Reductions in the number of consumer electronics sold in Kmart and Sears stores, along with a reduction in pharmacies in open Kmart locations, also contributed to the fall-off, Sears Holdings reported.

About 250 stores have been either closed or have identified to be closed in the past year. Sears Holdings also recently announced that it would close an additional 63 stores by the end of January 2018, including 45 Kmart locations.

Total comparable store sales dropped 15.3% during the quarter with Kmart comps falling 13% and Sears comps declining 17%.