Details on Sears second quarter earnings report
Statement from Sears CEO Lampert
“We have continued to show progress in our transformation, as demonstrated by our year-over-year increase in online and multi-channel sales, and with our member sales now representing 73% of eligible sales,” explained Edward S. Lampert, Sears Holdings’ CEO in a statement accompanying the second quarter earnings. “However, our second quarter earnings are unacceptable and we are taking steps to address our performance on several levels. This includes reducing costs as we evolve our business model, investing in our Shop Your Way and Integrated Retail customer initiatives, rationalizing our physical footprint and improving pricing and promotions. As we move through the transformation, our new programs are becoming more prominent both in how we run the company and in how we serve our members, and we are pleased with how our members are responding.”
Sears Shop Your Way rewards program
The retailer’s new Shop Your Way rewards program is a key part of its ongoing turnaround effort. The goal is to carefully monitor Shop Your Way member browsing and shopping habits and use that info to provide a more useful, custom shopping experience.
In one bit of good news in the gloomy 2Q report, members of Sears free Shop Your Way rewards program represented 73% of sales in the second quarter, and its online sales in the quarter grew 18% from the year-ago quarter.