Shares of Sears Holdings Slip Even Further After Third-Quarter Update

Shares of Sears Holdings Slip Even Further After Third-Quarter Update

Shares of Sears Holdings Corporation (NASDAQ: SHLD), best known for its Sears and Kmart stores that consumers have increasingly ignored, are down 4.6% as of 2:40 p.m. EST -- making its year-to-date decline a stunning 48% -- after the company provided an update on its third quarter.

Investors knew the Sears' story was in a tailspin, and that's again evident glancing at the once prominent retailer's sales. During the third quarter its revenues checked in $3.7 billion, down from the prior year's $5 billion mark, with store closures largely to blame for the decline. But another part of the revenue tailspin was that fewer people are shopping: Total comparable store sales declined a staggering 15.3% during the third quarter. That split to a 13% decline at Kmart stores and a more significant 17% decline at its namesake Sears' stores.

Image source: Getty Images.

Continue reading

Source: Fool.com