Originally published at www.seclive.com
Sears Hometown and Outlet Stores, Inc. (NASDAQ:SHOS) announced its financial results for the second quarter of fiscal year 2014, reporting a decline in profits from a year ago. The company's net sales fell nearly 3% to $638.7M due to a strong dip in comparable-store sales by 6.3%, though on an adjusted basis, comparable-store sales fell 4.6%. Quarterly earnings fell from $9.13M and $0.40 per share to $3.36M and $0.15 per share while adjusted earnings fell 55% to $7.9M. President and CEO Brian Johnson remarked that the company faced a very tough promotional environment, particularly for large appliances, and elected not to participate, which impacted its top line revenue but left its gross margin nearly the same.
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.