Massive collapse in profits

Sears Holdings has reported its figures for the second quarter of 2009, revealing a slump in sales of 10.2 per cent (comparable store sales: 8.6 per cent) to US $ 10.6 bn. The net loss was US $ 94 mio, equivalent to a collapse of 245 per cent compared with the same period in the previous year. For the first six months of 2009, the US retail giant announced a drop in sales of 9.7 per cent to US $ 20.6 bn and a net loss of US $ 68 mio (previous year’s income: US $ 9 mio).