Sears posts loss as housing market woes weigh

By IBTimes Staff Reporter | August 20 2009 6:48 AM

Sears Holding Corp reported a quarterly loss on Thursday as the retailer continues to suffer from the crash of the U.S. housing market.

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The company said its loss was $94 million, or 79 cents per share, in the second quarter ended August 1, compared with a year-earlier profit of $65 million, or 50 cents per share.

Revenue fell to $10.55 billion from $11.76 billion. Analysts on average were expecting $10.73 billion, according to Reuters Estimates.

The housing recession has hit the company's Sears department stores, which sell Kenmore appliances and Craftsman tools, while its discount Kmart chain has fared a little better by appealing to cash-strapped consumers.

(Reporting by Tom Hals; Editing by Lisa Von Ahn)

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