Sears 3rd-quarter net loss widens

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Associated Press

Posted on November 15, 2012 at 5:02 PM

Updated Thursday, Nov 15 at 6:01 PM

HOFFMAN ESTATES, Ill. (AP) — Sears Holding Corp. says its third-quarter loss widened with higher tax expenses and falling sales at its struggling Sears and Kmart stores.

The company controlled by financier Eddie Lampert said Thursday that it lost $498 million, or $4.70 per share. That compares with a loss of $421 million, or $3.95 per share, a year ago.

Excluding one-time items related to tax matters, store closings and pension expense, Sears lost $1.99 per share, compared with $2.50 per share on the same basis last year.

Revenue dropped nearly 6 percent to $8.86 billion. Sales in stores open at least one year fell 1.6 percent at U.S. Sears stores and 4.8 percent at Kmart stores.

Sears shares fell $3.13, or 5.4 percent, to $55.35 in after-hours trading.

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