Sears Holdings cut its third quarter loss by almost $200 million compared to a year ago, benefiting from lower operating costs as it shut scores of Kmart and Sears outlets. Fred Katayama reports.
Sears cut its third quarter loss by almost $200 million compared to a year ago. The iconic department store chain lowered its operating costs after shutting down scores of Kmart and Sears stores. Shares of Sears surged on the news. But they've dropped more than 50 percent this year. Trae Bodge is a retail analyst for GiftCardGranny.com. (SOUNDBITE) TRAE BODGE, RETAIL ANALYST, GIFTCARDGRANNY.COM (ENGLISH) SAYING: "They're trying to monetize their current real estate holdings, and, so, I hope that that will be enough for them. What I would like to see is a little bit more innovation in their online business. You know, you hear a lot about what stores like Wal-Mart and Target are doing to combat Amazon, and I don't hear a lot about what Sears is doing in that category." Once the largest U.S. retailer, Sears warned in March it could file for bankruptcy. It has not able kept up with online competitors such as Amazon. Sears' sales have been falling for years, with third quarter numbers marking its 24th straight decline.