Sears Holdings (SHLD) Reports Larger Than Expected Q3 Loss, New $500M Buyback
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Sears Holdings (Nasdaq: SHLD) reports a Q3 loss of $0.90, ex-items, worse than the consensus of a $0.49 loss. Revenues fell 8.3% to $10.66 billion, versus the consensus of $10.93 billion.
For the quarter, Sears Domestic's comparable store sales declined 10.6% while Kmart's comparable store sales declined 7.0%.
Sears Holdings also announced today that its Board of Directors has approved the repurchase of up to an additional $500 million of the Company's common shares. This authorization is in addition to the $72 million worth of shares that currently remain available for repurchase under the Company's existing repurchase program.
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