Despite a 14.5% decline in same-store sales at Sears and 7% at Kmart in the first quarter ended May 2, Sears Holdings’ CFO says the company’s transformation is continuing apace.
Sears Holdings reported profits of $189 million during first quarter 2012, compared with a $165 million loss in first quarter 2011, the company said.
Kmart parent company Sears Holdings hired Ron Boire as EVP, chief merchandising officer and president of Sears and Kmart formats.
With the holiday season just around the corner, Sears Holdings is aiming to make shopping more rewarding by offering five times the Shop Your Way Rewards points — equal to 5% back — on all qualifying purchases.
Target said that although its comparable-store sales were below expectations in the South and Northeast, the company believes overall sales will be driven by two of its recent initiatives.