Sears Holdings Loss Widens, Misses Estimates (SHLD)

Sears Holdings Corporation SHLD released financial results on Thursday morning that missed Wall Street estimates. Sears Holdings Corporation announced that its 3rd quarter net loss widened to $218 million, or $1.98 per share, from a net loss of $127 million, $1.09 per share, a year earlier. The company's revenue fell to $9.68 billion, down from $10.19 billion a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for a loss of $1.07 per share, on revenue of $9.95 billion. Interim chief executive officer and president W. Bruce Johnson said, "While Kmart improved profitability, our third quarter results were disappointing, in large part due to lower sales of apparel and appliances at Sears. Our seasonal apparel sales were down, with the unusually warm weather being a contributing factor. Additionally, during the quarter we reduced our usage of short-term borrowings as we issued $1.25 billion of 6 5/8% senior secured notes. As such, we had no borrowings outstanding on the revolver in contrast to last year's balance of $1.3 billion." Sears Holdings Corporation (SHLD) finished the previous trading day at $66.20 per share. The consensus price target of analysts covering the company's stock is $62.20 per share. Read more from Benzinga's Company news.