Sears, Staples Go In Opposite
Directions In Fiscal Q1
By Steve Smith On Jun 7 2010 - 3:01am
NEW YORK — Two national retailers
had opposite fiscal first quarters, with
Sears reporting lower net income and
flat sales and Staples posting gains in
’ net income for the quarter was
$16 million, compared with $26 million
year on year. Revenues during the quarter
were $10.1 billion, essentially flat
with the prior year’s opening quarter.
Comp-store sales at Kmart were up
1.7 percent and 1.2
percent at Sears
a comparable store
sales increase for
the third consecutive
Sears posted its
first quarterly increase
in several years as we effectively
partnered with state agencies to sell energy-
efficient appliances,” but margins
suffered, said W. Bruce Johnson, Sears
Holdings’ interim CEO/president.
The domestic comp-store sales results
included an increase at Kmart of
1.7 percent and an increase at Sears
Domestic of 1.2 percent. Increases in
sales for the quarter at Sears Domestic
were primarily driven by the home
appliance category, partially offset by
declines in the tools and home electronics
Sears ranked No. 11 in the TWICE
Top 100 CE Retailers Report, which
measures sales for calendar year 2009,
and Kmart ranked 26 on the list.
fiscal first-quarter net income
jumped 32 percent year over year.
Net income for the quarter, ended
May 1, was $189 million, up from the prior
year’s $143 million.
Total company sales for the quarter
were up 4 percent to $6.1 billion, compared
with last year’s $5.8 billion.
for the first quarter
were $2.3 billion,
of 6 percent in
U.S. dollars, and
2 percent in local
wi th the
first quarter of 2009.
First-quarter 2010 comp-store sales
increased 1 percent year on year, reflecting
increased customer traffic,
partially offset by lower average order
size, the company said.
The chain reported that North
American retail opened 20 stores
and closed three stores, ending the
first quarter of 2010 with 1,888 stores
in North America.
Staples ranked 16th in the TWICE Top
100 CE Retailers Report, which was released
on May 17, 2010.