12/27/2011

So how weak were sales this Christmas season?

This report from Sears doesn't sound very promising.

Sears Holdings Corp. said it expects to close roughly 100 stores in a bid to revitalize its business and reduce expenses, while also reporting continued sales struggles in the latest quarter.

A cautious consumer mood has only compounded headaches for the retailer lately, which has seen sales drift lower as its namesake department stores and the Kmart discount chain lose market share to rivals. For the latest quarter, the company Tuesday reported same-store sales are down 5.2% so far for the period, including a 6% sales decline so far at domestic namestake stores. . . .

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