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Thursday, December 4, 2014

Sears posts $548 million loss, doubles planned 2014 store closures, (NASDAQ: SHLD)

Sears Holdings Corp reported a quarterly net loss of $548 million, slightly less than it had estimated last month, and the struggling retailer said it had nearly doubled its planned store closures to cut costs.Shares of Sears were down 1.2 percent at $33.85 in early trading on the Nasdaq.Sears, which has been selling off assets and closing stores in an attempt to return to profitability, said last month it was expecting a net loss attributable to shareholders of between $590 million and $630 million for the fiscal third quarter ending Nov. 1. Sears recorded a net loss of $534 million in the same period last year.Quarterly sales fell 13 percent to $7.21 billion, a reflection in part of its shrinking store count.

Sears Holdings Corporation is a retailer with approximately 1,980 full-line and specialty retail stores in the United States operating through Kmart and Sears and 449 full-line and specialty retail stores in Canada operating through Sears Canada, Inc. Shares of SHLD fell by 3.39% or $-1.16/share to $33.09. In the past year, the shares have traded as low as $22.45 and as high as $48.96. On average, 1844900 shares of SHLD exchange hands on a given day and today's volume is recorded at 558539.