Hoffman Estates, Ill.-based Sears Holdings took another blow in the second quarter, with hits particularly in home improvement- related goods at its stores in the United States.
Net income fell 62 percent to $65 million from $173 million in the year-ago period at the company, which includes Sears, Sears Canada and Kmart stores.
Sears reported second-quarter sales of $11.8 billion, down 4 percent from $12.3 billion last year. Domestic same-store sales dropped 6.2 percent, including a 5.6 percent drop at Kmart stores and a 6.7 percent decline at Sears locations.
Sears also benefited from a one-time, pre-tax gain of $62 million, following the reversal of a 2007 jury verdict on the redemption of bonds issued by former Sears, Roebuck and Co.
The company said the decline in sales and earnings came from lower performance at Sears domestic stores and Kmart. Still, the company saw improved results in its Sears Canada stores.