Among the highlights of the first Sears Holdings shareholder meeting since Edward Lampert became chairman and CEO were details on the company's progress in combining its brick-and-mortar and online businesses.
Kmart's comps declined 3.7% for the fourth quarter and fiscal year 2012, while parent company Sears Holdings' integrated online business grew by 25% for the quarter and 17% for the year, Sears Holdings said Thursday.
Sears Holdings, the parent company of mass merchandiser Kmart, is throwing its support behind a bill that would grant states authority to enforce existing sales tax laws and require out-of-state online retailers to collect and remit sales taxes on sales made to their residents.
Sears Holdings, the parent company of Kmart and Sears, is looking to shift its business model to one that focuses on members of its Shop Your Way program and their shopping experience, the company said in its third quarter 2012 earnings report.
Sears and Kmart are offering more than a quarter-million dollars in rewards for members of their loyalty program and sending emergency equipment from 42 distribution centers in the wake of Hurricane Sandy, parent company Sears Holdings said.
Kmart and Sears are eliminating layaway service fees, starting a layaway home-delivery service and new in-store mobile features for what the company expects to be the busiest shopping season since 2007.
Sears Holdings, the parent company of Kmart, expects to make a profit of between $155 million and $195 million in first quarter 2012, compared with a $165 million loss in first quarter 2011, the company said Tuesday.