A poor demand for spring merchandise was blamed by Sears Holding Corp., for its net loss during the most recent quarter, the first report for the company, which was formed when K-Mart bought out Sears earlier this year.
An article from Reuters says the company plans to "keep a tight grip on costs, but would consider acquisitions and spending to revamp certain stores."
The company would have posted a profit, if not for the acquisition, which took place in the middle of the reporting period, and an accounting charge, according to the article.
Sears Holdings' net loss, the article said, was $9 million or seven cents per share. If not for the accounting charge of $90 million after taxes, the company would have earned $81 million or 65 cents per share. Revenue for the quarter was $7.6 billion or $12.8 including results from Sears for the full quarter, according to the article. Quarterly sales were down 2.3 percent at K-Mart stores.
Sears Holdings has a Sears store at Northpark Mall in Joplin.
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