Sears' Holdings sales continued its dip last quarter according to USA Today.
"We made meaningful progress this quarter in our transformation to a member-centric company," CEO Edward Lampert said in a statement reported by USA Today. "At the same time, we recognize how important it is to improve the profitability of our company and I am disappointed that we did not deliver a better result."
The company announced a net loss of $194 million or $1.83 a share in the second quarter compared to a loss of $132 million or $1.25 a share in the same time frame last year USA Today reported. Sears' stock also ended the day at 8.2 percent.
"Underlying retail operations continue to underperform due to the lack of a cohesive strategy, management talent and capital support," Mary Ross Gilbert, an analyst and managing director at Imperial Capital said in a note in June USA Today reported.
The company's revenue also decreased to $8.9 billion as a result of store closings including Kmarts USA Today reported. This is a decrease of $596 million from last year's quarter.
According to USA Today, Sears saw sales at its newer stores fall 1.5 percent. The number is an increase from a 3.6 percent fall the first quarter. Kmart contributed the most to the decrease with a 2.1 percent drop in sales USA Today reported.
Sears in the United States, sales fell 0.8 percent while online sales saw a 20 percent increase.
The company has been very successful with its Shop Your Way member program; which accounted for over 65 percent in sales USA Today reported. The program attributed to 60 percent of sales in the first quarter and has been a significant increase in the amount of people receiving points from purchases.
