Sears Q4 net loss widens to 607 mn dollars

Sears Holdings reported a net loss attributable to Holdings' shareholders of 607 million dollars (5.67 dollars loss per diluted share) for the fourth quarter of 2016 compared to 580 million dollars (5.44 dollars loss per diluted share) for the prior year fourth quarter. Adjusted EBITDA was 61 million dollars compared to 137 million dollars in the prior year fourth quarter.

"We delivered significant adjusted EBITDA improvement in the fourth quarter, reflecting our firm focus on profitability to offset ongoing revenue pressures. Building on this positive momentum, we are taking decisive actions to become a more agile and competitive retailer with a clear path toward profitability," said Edward S. Lampert, Chairman and Chief Executive Officer of Sears Holdings in a statement.

Q4 revenues decline to 6.1 billion dollars

Revenues were 6.1 billion dollars for the fourth quarter compared to 7.3 billion dollars for the prior year fourth quarter. The company said, year-over-year decline in revenues was primarily attributable to having fewer Kmart and Sears full-line stores, which accounted for 596 million dollars of the revenue decline, as well as a 10.3 percent decline in comparable store sales for the quarter, which accounted for 555 million dollars of the revenue decline.

At Kmart, comparable store sales decreased 8 percent for the quarter primarily driven by declines in the consumer electronics, grocery & household, apparel and toys categories. Sears Domestic comparable store sales decreased 12.3 percent, primarily driven by declines in the home appliances, apparel, consumer electronics and tools categories.

Full year revenues decrease to 22.1 billion dollars

For the full year, revenues were 22.1 billion dollars compared to revenues of 25.1 billion dollars in the prior year. The decline in revenues included a decrease of 1.3 billion dollars as a result of having fewer Kmart and Sears full-line stores in operation.

For the full year, comparable store sales declined 7.4 percent, which contributed to 1.4 billion dollars of the revenue decline relative to the prior year. Kmart comparable store sales declined 5.3 percent for the full year. Sears Domestic comparable store sales for the year declined 9.3 percent, driven by decreases in the home appliances, apparel and consumer electronics categories.

Picture:Sears Website