September 13, 2018 / 9:12 PM / 2 months ago

UPDATE 1-Kmart owner Sears says same-store sales improved, shares rise

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Sept 13 (Reuters) - Sears Holdings Corp on Thursday said comparable store sales improved in the second quarter compared to the first quarter, sending its shares up 12 percent in extended trading.

Sears' stock, which traded at about $100 a share more than a decade ago, closed down 9 percent at $1.21 while investors awaited the results.

The company's quarterly sales however fell 25.6 percent to $3.18 billion as it shut more stores to combat declining foot traffic in its brick-and-mortar outlets.

Total same-store sales fell 3.9 percent, reflecting Kmart's 3.7 percent fall and Sears' 4 percent fall.

The company said the results were "improved" in the second quarter compared to the first quarter and it achieved positive comparable store sales in several categories at both Kmart and Sears, including apparel, footwear and jewelry.

"While we are encouraged by the improved comparable stores sales trend we experienced in the second quarter...we have yet to achieve our goal of returning the company to profitability," Chief Executive Officer Edward Lampert said.

Lampert said the company reported "positive comparable store sales of 3 percent and 2.5 percent" in July and August respectively.

Net loss attributable to shareholders widened to $508 million, or $4.68 per share, in the second quarter ended Aug. 4 from $250 million, or $2.33 per share, a year earlier. (Reporting by Soundarya J and Nivedita Balu in Bengaluru; Editing by Shailesh Kuber)

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