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Sears reports wider loss in Q3, misses Street

Hoffman Estates, Ill. -- Sears Holdings Corp. reported Thursday that its loss widened in the third quarter on softness in its Canada division and on weaker consumer electronics sales.

The operator of Sears and Kmart recorded a loss of $421 million in the quarter ended Oct. 29, compared with a loss of $218 million a year earlier.

Revenue slipped 1% to $9.57 billion from $9.68 billion, missing the $9.63 billion expected by Wall Street, and marking the fourth straight quarter of revenue declines.

Same-store sales at Sears stores dipped 0.7% and fell 0.9% at Kmart stores. Sears stores were hurt by fewer sales of appliances and consumer electronics, while Kmart stores were impacted by reduced sales of clothing and home goods.
Same-store sales plummeted 7.8% for Sears Canada.