Sears reports surprise losses

RETAILER Sears Holdings, which is controlled by billionaire investor Eddie Lampert, reported a wider-than-expected quarterly loss on weak sales, bigger discounts and higher costs yesterday.

In the second quarter, sales fell 1.2 per cent to $10.3bn (£6.2bn), while analysts expected $10.5bn.

Sales at US stores open at least a year fell 0.7 per cent, with those at the namesake stores down 1.2 per cent and Kmart staying flat.

Sears’ net loss widened to $146m, and the firm plans to cut 250 jobs.