Sears Holdings Corp posted a narrower-than-expected quarterly loss on Thursday, helped by the first increase in same-store sales at its Kmart unit in four years.Sears' net loss for the third quarter that ended October 31 narrowed to $127 million, or $1.09 a share, from $146 million, or $1.16 a share, a year earlier.
The company's adjusted loss per share was $1.04, as computed by Thomson Reuters I/B/E/S, compared with the average analyst loss estimate of $1.09.
Its quarterly sales fell 4.7 percent to $10.2 billion.
Sales at Kmart stores open at least a year - also known as same-store sales - rose 0.5 percent.
It was the first time Kmart comparable sale rose since 2005 and only the second time since 2001. The company attributed the increase to sales of toys and the assumption of Footstar's footwear business.
Same-store sales at Sears, which depends more on the housing market due its Craftsman tools and Kenmore appliances, fell 4.6 percent.
Together, holding company same-store sales fell 2.3 percent. Despite the decline, it was the best quarterly figure for the company since 2005, the year the company was created in the Sears-Kmart merger.
Led by Chairman Edward Lampert, a hedge fund manager, the company has been experimenting with ways to boost growth, using layaway plans and early Christmas sales.
Shares of Sears have risen about 17 percent over the past three months. However, the stock is trading below where it was when the retailer announced a surprise loss in the previous quarter.
The company's adjusted loss per share was $1.04, as computed by Thomson Reuters I/B/E/S, compared with the average analyst loss estimate of $1.09.
Its quarterly sales fell 4.7 percent to $10.2 billion.
Sales at Kmart stores open at least a year - also known as same-store sales - rose 0.5 percent.
It was the first time Kmart comparable sale rose since 2005 and only the second time since 2001. The company attributed the increase to sales of toys and the assumption of Footstar's footwear business.
Same-store sales at Sears, which depends more on the housing market due its Craftsman tools and Kenmore appliances, fell 4.6 percent.
Together, holding company same-store sales fell 2.3 percent. Despite the decline, it was the best quarterly figure for the company since 2005, the year the company was created in the Sears-Kmart merger.
Led by Chairman Edward Lampert, a hedge fund manager, the company has been experimenting with ways to boost growth, using layaway plans and early Christmas sales.
Shares of Sears have risen about 17 percent over the past three months. However, the stock is trading below where it was when the retailer announced a surprise loss in the previous quarter.
