Sears Holdings' plan to spin off Lands' End may have gotten all the attention on Friday, but the retailer’s former hometown and outlet stores division shared results showing how it has fared after receiving similar treatment a year earlier.
The opening of a new Sears Appliance & Hardware store in Dallas, Texas, marks two milestones for the hardware subsidiary operating under Sears Hometown and Outlet Stores. It is the debut of the smaller, neighborhood model that will become a company standard for all new locations and the first brand new Sears Appliance & Hardware store to open in the past 10 years.
Sears Hometown and Outlet Stores saw net income for the second quarter drop to $9.1 million from $21.1 million a year earlier, due, in part, to expenses associated with its spinoff from Sears Holdings Corp, according to the company.
Sears Holdings saw revenues decrease to $8.9 billion for the quarter ended August 3, from $9.5 billion for the year-ago quarter. Fewer Kmart and Sears full-line stores accounted for approximately $210 million of that decline.
Sears was arguably synonymous with its “Big Book” catalog, but as the world became more technologically advanced, the retailer bade its catalog and catalog stores farewell and shifted to a new retail model of locally owned and operated dealer stores.
An unseasonably cool spring and rising costs affected first-quarter earnings for the period ended May 4 at Sears Hometown and Outlet Stores, which reported a 27% drop in profit for the quarter. However, the company is focusing on improving signs in late spring.
GREEN BAY, Wis. — Shopko has completed the conversion of 163 Pamida stores. The move makes Shopko one of the largest U.S. retailers to serve smaller and rural communities. The merger was first announced one year ago this month.
It’s been awhile since Sears and the phrase "same store sales increase" were used in the same sentence, but that changed Thursday morning when the recently spun off hometown and outlet division product a 3.1% third quarter increase.
Sears Holdings Corp., which in February announced it would spin off its Hometown and Outlet businesses as a separate publicly traded entity, said Tuesday it expects to receive about $446.5 million in gross proceeds from an offering tied to the spinoffs.
Shopko has hired a long-time retail marketing executive, with extensive experience in the beauty and apparel sectors to help develop the Shopko brand as it moves forward with the conversion of its newly acquired Pamida stores to the Shopko Hometown format.
Sears Holdings Corp. revealed in a Monday filing with the Securities and Exchange Commission that the previously announced spinoff of its Sears’s Outlet and Sears’s Hometown and Hardware stores will now combine the two chains into one separate company.
Walgreens on Wednesday unveiled plans to establish deeper roots on its home turf with its “Chicago Hometown Investment Initiative,” a plan that will create an estimated 600 new jobs in the city over the next two years and quadruple the number of Walgreens’ food oasis stores.