The struggling chain on Friday provided an update on its restructuring program, increased its cost-saving target, and also gave a first quarter update. Since the beginning of the fiscal year, same-store sales at Sears and Kmart declined 11.9% on a combined basis, 10.8% when excluding consumer electronics, compared to the year-ago period.
“The retail environment remained challenging with continued softness in store traffic and elevated price competition,” said Edward S. Lampert, chairman and CEO of Sears Holdings. “Despite the softness in our retail channels, our home services business continued to perform well and we believe it is positioned for continued growth for the balance of the year.”
Lampert added that as a result of the sales of its Craftsman brand and the sale of certain real estate properties, the company expects to report positive net income for the first quarter of 2017.
Sears said it expects to reduce costs by…