HOFFMAN ESTATES, Ill.–Sears reported a net income plunge on a sales decline, as home goods contributed significantly to comp-store sales declines.
Net income sank 55 percent to $190 million. Sales fell 12 percent to $13.3 billion.
Comp-store sales declined 8.3 percent. Sears’ comp-store sales fell 11.0 percent while Kmart’s fell 5.0 percent.
“Comp-store sales declines continue to be driven by categories directly impacted by housing market conditions, including home appliances at Sears Domestic and a slowdown in consumers’ discretionary spending, including home and housing goods at both Sears Domestic and Kmart,” according to a statement.