Sears Holdings Corp. (NASDAQ:SHLD) is knows as one of the leading retailers in the US; however the recent past has not been so great for the company. The company’s CEO Edward Lampert, the well-off investment fund supervisor, announced an immense sales loss in Q2; this is the 30^th quarter in a row that has reported huge sales losses.

According to a statement on August 21^st the Illinois based company reported a sales decrement of 9.7%. As compared to last year its net loss increased from $194 million ($1.83/share) to $573 million ($5.39/share) this year. This brought about a drop in shares by 9.3%.

Edward Lampert was not at all satisfied by the results according to a statement made by him. He has decided to make certain changes to Sears Holdings Corp. (NASDAQ:SHLD) marketing strategies. He plans to change product prices, lower the costs and try different promotional tactics. Lampert has had to spin off and sell assets to get enough cash for the company’s rewards and digital programs. Members of loyalty program brought them in about 73% of the total quarterly sales that are eligible.

International Strategy and Investment Group’s manager Matt McGinley, in New York, stated in an email that the results in Q2 were lower than their expectations. Although not a surprising thing for him because Sears Holdings Corp. (NASDAQ:SHLD) has been consistent in giving unsatisfactory results. Matt McGinley reckons that there might be some betterment if the shares are sold.

At 11.41 a.m. on August 21^st according to New York time, Sears Holdings Corp. (NASDAQ:SHLD) was at $33.37 which is a dip by 7.1%.

It should be noted that the results earlier this year included its clothing retailer Land’s End’s sales too; however Sears Holdings Corp. (NASDAQ:SHLD) Land’s End was spun off back in April.

A drop in company’s revenue resulted due to store shut downs and spin offs of smaller formats of the company. The Lands’ End spin off alone caused a decline in revenue by $330 million

According to a statement made on August 21^st Sears Holdings Corp. (NASDAQ:SHLD)’s priority now is to make long term relations with their moneylenders. Seeing continuous loss over the years in Canada, the company has decided to examine all possible options to see improvement in the shares. In 2012, they decreased the stakes by 51%-95% in their retail store in Toronto.

Matt McGinley stated in a telephone interview that their retailors in Canada are not having the best anymore. He even compared them with a business corpse.

Sears Holdings Corp. (NASDAQ:SHLD) announced on August 21^st that they are taking further steps for improvement by talking to other parties and making several partnerships. McGinley however thinks that the company is no more valuable to other parties as it was before.

Sears Holdings Corp. (NASDAQ:SHLD) losses have pushed the company to close at least 250 of Kmart stores since the merger back in 2005. A former executive of Tesco Plc Sears, Alasdair James was given the charge of Kmart business. It is hoped that he will help the business to compete better with larger discounts stores and attract more customers by offering reduced prices and groceries.

Get Free Updates and Stock Alerts!

*We only send one email per week