Sears Hometown and Outlet Stores, Inc. Reports Second Quarter 2014 Results

HOFFMAN ESTATES, Ill., Sept. 9, 2014 // PRNewswire // -- Sears Hometown and Outlet Stores, Inc. ("SHO") (NASDAQ: SHOS) today reported results for its quarter ended August 2, 2014.

Results for the second quarter included:

  • Operating income decreased 62.4% to $5.8 million
  • EPS decreased 62.5% to $0.15
  • Adjusted EBITDA decreased 55.0% to $7.9 million
  • Comparable store sales decreased 6.3%

Year-to-date results through the second quarter included:

  • Operating income decreased 69.8% to $12.1 million
  • EPS decreased 70.2% to $0.31
  • Adjusted EBITDA decreased 63.0% to $16.5 million
  • Comparable store sales decreased 6.2%

Bruce Johnson, Chief Executive Officer and President, said, "During the second quarter we observed a highly promotional environment for large appliances. We chose to not fully follow the promotional activities of other retailers. This had an impact on our top line, and we are disappointed with our comparable store sales decline, but our gross margin dollars were similar to the year-earlier quarter."

"We believe sales were affected by other retailers' highly promotional activity, including free delivery. In particular, the narrower price difference between Outlet 'as is' appliances and new, in-box appliances adversely affected sales in our Outlet segment. As we communicated after the first quarter, our Outlet segment inventory-sourcing activities have continued to improve, which affords us more pricing flexibility to offer great value to our customers. With the improvement in sourcing initiatives and more 'as-is' merchandise, our goal is to drive demonstrably better Outlet sales and gross margin dollars in the second half of the year."

"Our e-commerce revenues totaled $38.3 million for the quarter and grew by 21.5%. These included sales fulfilled by SHO on Sears.com and our website, Searsoutlet.com, as well as sales completed in our stores on Sears.com but fulfilled by Sears Holdings, for which we received a commission."

"We are also encouraged by our cash flow in the quarter, which allowed us to reduce borrowings from $98.1 million at May 3, 2014 to $74.8 million at August 2, 2014."

Second Quarter Results

Net sales in the second quarter of 2014 decreased $18.2 million, or 2.8%, to $638.7 million from the second quarter of 2013. This decrease was driven primarily by a 6.3% decrease in comparable store sales. These decreases were partially offset by new stores (net of closures), higher initial franchise revenues (which were $5.4 million in the second quarter of 2014 compared to $1.8 million in the second quarter of 2013), and higher online commissions earned by SHO on sales of merchandise for home delivery made through www.sears.com, a website owned by Sears Holdings Corporation ($5.2 million in the second quarter of 2014 compared to $2.7 million in the second quarter of 2013). Sears Holdings fulfilled and recorded these online transactions and paid commissions to SHO, which are included in SHO's net sales. In-store sales transacted by SHO and its independent dealers and franchisees through www.sears.com and recorded and fulfilled by Sears Holdings during the second quarter of 2014 were $18.7 million compared to $9.0 million in the second quarter of 2013. As a result, comparable store sales, which measure the increase in sales on transactions fulfilled and recorded by SHO, were unfavorably impacted. Including total sales for online transactions fulfilled and recorded by Sears Holdings, Adjusted comparable store sales for the second quarter of 2014 decreased 4.6%. Comparable store sales in Hometown were down 5.1% while comparable store sales in Outlet were down 10.4%. Adjusted comparable store sales were down 3.3% in Hometown and down 9.0% in Outlet.

Gross margin was $147.1 million, or 23.0% of net sales, in the second quarter of 2014 compared to $148.4 million, or 22.6% of net sales, in the second quarter of 2013. The increase in gross margin rate was primarily driven by (1) higher initial franchise revenues, (2) higher online commissions, (3) increased merchandise margins in Outlet, (4) lower support-services charges from Sears Holdings, (5) higher delivery margins, (6) lower occupancy costs resulting from the conversion of Company-operated stores to franchisee-operated stores, and (7) higher Outlet apparel liquidation income. These increases were partially offset by a reduction in merchandise margins in Hometown and by $0.8 million of additional Outlet distribution center costs. Excluding the impact of online commissions and initial franchise revenues, gross margin was 21.7% of net sales in the second quarter of 2014 compared to 22.1% of net sales in the second quarter of 2013.

Selling and administrative expenses, reflecting our continued franchising of Outlet stores, increased to $139.2 million, or 21.8% of net sales, in the second quarter of 2014 from $130.9 million, or 19.9% of net sales, in the prior-year quarter. The increase was primarily due to higher owner commissions in both Hometown and Outlet (primarily related to the conversion of Company-operated stores to franchisee-operated stores), new stores opened since the second quarter of 2013, and higher marketing costs, which were partially offset by lower payroll and benefits costs resulting from the conversion of Company-operated stores.

We recorded operating income of $5.8 million and $15.4 million in the second quarters of 2014 and 2013, respectively. The $9.6 million decrease in operating income was driven by the above-mentioned lower net sales and higher selling and administrative expenses, which were partially offset by a higher gross margin rate.

Financial Position

We had $21.0 million in cash and cash equivalents as of August 2, 2014 and $23.8 million as of August 3, 2013. Availability as of August 2, 2014 under our Credit Agreement, dated as of October 11, 2012, among the Company, its subsidiaries, Bank of America, N.A., and other lenders (the "Senior ABL Facility") was $169.6 million with $74.8 million drawn and $5.6 million of letters of credit outstanding. Drawings under the Senior ABL Facility were reduced by $23.3 million during the second quarter of 2014. For the second quarter of 2014 we funded ongoing operations with cash on-hand and cash generated by operating activities. Our primary needs for liquidity were to fund inventory purchases and capital expenditures and for general corporate purposes.

Total merchandise inventories were $469.6 million at August 2, 2014 and $445.6 million at August 3, 2013. Merchandise inventories increased $25.4 million in Outlet and decreased $1.4 million in Hometown. The Outlet increase was primarily due to higher home appliance inventories, an increased store count due to new store openings, an increase in furniture inventory due to category expansion, and higher apparel inventory as stores returned to more customary inventory levels.

Comparable Store Sales

Comparable store sales amounts include merchandise sales for all stores operating for a period of at least 12 full months, including remodeled and expanded stores but excluding relocated stores and stores that have undergone format changes. Comparable store sales include online transactions fulfilled and recorded by SHO and the change in unshipped sales reserves recorded at the end of each reporting period.

Adjusted Comparable Store Sales

In addition to our net sales determined in accordance with GAAP, for purposes of evaluating our sales performance we also use Adjusted comparable store sales. This measure includes in net sales, as if fulfilled and recorded by SHO, all in-store sales that were transacted by SHO and its independent dealers and franchisees through www.sears.com and that were fulfilled and recorded by Sears Holdings. Our management uses Adjusted comparable store sales, among other factors, to evaluate the sales performance of our overall business and individual stores for comparable periods. Adjusted comparable store sales should not be used by investors or other third parties as the sole basis for formulating investment decisions as it includes sales that were not fulfilled and recorded by SHO and for which sales SHO only received commissions. Adjusted comparable store sales should not be considered as a substitute for GAAP measurements.

While Adjusted comparable store sales is a non-GAAP measure, management believes that it is an important indicator of store sales performance because:

  • SHO receives commissions on all in-store sales that were transacted by SHO and its independent dealers and franchisees through www.sears.com and that were fulfilled and recorded by Sears Holdings.
  • During the second quarter of 2014, these sales, which were fulfilled and recorded by Sears Holdings, increased significantly to $18.7 million compared to $9.0 million in the second quarter of 2013.
  • Unadjusted comparable store sales, which do not include in-store sales that were transacted by SHO and its independent dealers and franchisees through www.sears.com and that were fulfilled and recorded by Sears Holdings, understates what SHO believes to be its effective comparable store sales performance.

The following table presents a reconciliation of Adjusted comparable store sales to net sales, the most comparable GAAP measure, for each of the periods indicated:

 

 

13 Weeks Ended August 2, 2014

 

26 Weeks Ended August 2, 2014

thousands

Hometown

 

Outlet

 

Total

 

Hometown

 

Outlet

 

Total

Net sales

$

480,253

   

$

158,440

   

$

638,693

   

$

898,789

   

$

329,758

   

$

1,228,547

 

Less:  Non-comparable store sales

(49,782)

   

(37,516)

   

(87,298)

   

(98,005)

   

(74,426)

   

(172,431)

 

Comparable store sales recorded by SHO

430,471

   

120,924

   

551,395

   

800,784

   

255,332

   

1,056,116

 

SHO in-store sales through www.sears.com recorded by Sears Holdings (1)

15,718

   

2,677

   

18,395

   

38,410

   

6,692

   

45,102

 

Adjusted comparable store sales

$

446,189

   

$

123,601

   

$

569,790

   

$

839,194

   

$

262,024

   

$

1,101,218

 
                                   
 

13 Weeks Ended August 3, 2013

 

26 Weeks Ended August 3, 2013

thousands

Hometown

 

Outlet

 

Total

 

Hometown

 

Outlet

 

Total

Net sales

$

503,934

   

$

152,965

   

$

656,899

   

$

948,737

   

$

309,279

   

$

1,258,016

 

Less:  Non-comparable store sales

(50,381)

   

(17,993)

   

(68,374)

   

(95,317)

   

(36,318)

   

(131,635)

 

Comparable store sales recorded by SHO

453,553

   

134,972

   

588,525

   

853,420

   

272,961

   

1,126,381

 

SHO in-store sales through www.sears.com recorded by Sears Holdings (1)

7,920

   

849

   

8,769

   

14,735

   

1,511

   

16,246

 

Adjusted comparable store sales

$

461,473

   

$

135,821

   

$

597,294

   

$

868,155

   

$

274,472

   

$

1,142,627

 
                                   
 

13 Weeks Ended August 2, 2014 vs. 13 Weeks
Ended August 3, 2013

 

26 Weeks Ended August 2, 2014 vs. 26 Weeks
Ended August 3, 2013

 

Hometown

 

Outlet

 

Total

 

Hometown

 

Outlet

 

Total

Comparable store sales recorded by SHO

(5.1)%

   

(10.4)%

   

(6.3)%

   

(6.2)%

   

(6.5)%

   

(6.2)%

 

Adjusted comparable store sales

(3.3)%

   

(9.0)%

   

(4.6)%

   

(3.3)%

   

(4.5)%

   

(3.6)%

 

 

   

(1)

SHO in-store sales through www.sears.com fulfilled and recorded by Sears Holdings above are for comparable stores only.  For all comparable and non-comparable stores, these sales for the 13 weeks and 26 weeks ended August 2, 2014 were $18.7 million and $48.1 million compared to $9.0 million and $16.7 million for the 13 weeks and 26 weeks ended August 3, 2013.

Adjusted EBITDA

In addition to our net income determined in accordance with GAAP, for purposes of evaluating operating performance we also use Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization, or "Adjusted EBITDA," which excludes certain significant items as set forth below. Our management uses Adjusted EBITDA, among other factors, for evaluating the operating performance of our business for comparable periods. Adjusted EBITDA should not be used by investors or other third parties as the sole basis for formulating investment decisions as it excludes a number of important cash and non-cash recurring items. Adjusted EBITDA should not be considered as a substitute for GAAP measurements.

While Adjusted EBITDA is a non-GAAP measurement, management believes that it is an important indicator of operating performance because:

  • EBITDA excludes the effects of financing and investing activities by eliminating the effects of interest and depreciation costs; and
  • Other significant items, while periodically affecting our results, may vary significantly from period to period and may have a disproportionate effect in a given period, which affects comparability of results.

The following table presents a reconciliation of Adjusted EBITDA to net income, the most comparable GAAP measure, for each of the periods indicated:

 

   

13 Weeks Ended

 

26 Weeks Ended

Thousands

 

August 2, 2014

 

August 3, 2013

 

August 2, 2014

 

August 3, 2013

Net income

 

$

3,360

   

$

9,135

   

$

7,039

   

$

24,132

 

Income tax expense

 

2,329

   

6,073

   

4,728

   

15,621

 

Other income

 

(798)

   

(431)

   

(1,478)

   

(846)

 

Interest expense

 

905

   

642

   

1,839

   

1,231

 

Operating income

 

5,796

   

15,419

   

12,128

   

40,138

 

Depreciation

 

2,067

   

2,050

   

4,355

   

4,392

 

Adjusted EBITDA

 

$

7,863

   

$

17,469

   

$

16,483

   

$

44,530

 
                         

Forward-Looking Statements

Results are unaudited. This news release contains forward-looking statements (the "forward looking statements"). The forward-looking statements are subject to significant risks and uncertainties that may cause our actual results, performance, and achievements in the future to be materially different from the future results, future performance, and future achievements expressed or implied by the forward-looking statements. Forward-looking statements include, without limitation, information concerning our future financial performance, business strategy, plans, goals, beliefs, expectations, and objectives. The forward-looking statements are based upon the current beliefs and expectations of our management. The following factors, among others, could cause actual results, performance, and achievements to differ from those set forth in the forward-looking statements, and one or more of the differences could have a material adverse effect on our ability to operate our business and could have a material adverse effect on our results of operations, financial condition, liquidity, and cash flows: our ability to offer merchandise and services that our customers want, including those under the Kenmore, Craftsman, and DieHard brands, which brands are owned by Sears Holdings (the "KCD Marks"); our Merchandising Agreement with Sears Holdings provides that (1) if a third party that is not an affiliate of Sears Holdings acquires the rights to one or more (but less than all of) the KCD Marks Sears Holdings may terminate our rights to buy merchandise branded with any of the acquired KCD Marks and (2) if a third party that is not an affiliate of Sears Holdings acquires the rights to all of the KCD Marks Sears Holdings may terminate the merchandising agreement in its entirety, over which events we have no control; the sale by Sears Holdings and its subsidiaries to other retailers that compete with us of major home appliances and other products branded with one of the KCD Marks; our ability to successfully manage our inventory levels and implement initiatives to improve inventory management and other capabilities; competitive conditions in the retail industry; worldwide economic conditions and business uncertainty, the availability of consumer and commercial credit, changes in consumer confidence, tastes, preferences and spending, and changes in vendor relationships; the fact that our past performance generally, as reflected on our historical financial statements, may not be indicative of our future performance as a result of, among other things, the consolidation of our Hometown and Outlet segments into a single business entity, our separation from Sears Holdings, and operating as a standalone business entity; the impact of increased costs due to a decrease in our purchasing power following our separation from Sears Holdings, and other losses of benefits (such as a more effective and productive business relationship) that were associated with having been wholly owned by Sears Holdings and its subsidiaries; our continuing reliance on Sears Holdings for most products and services that are important to the successful operation of our business, and our potential need to rely on Sears Holdings for some products and services beyond the expiration or earlier termination by Sears Holdings of our agreements with Sears Holdings; our ability to resolve on commercially reasonable terms existing disputes and, when they arise, future disputes with Sears Holdings regarding many of the material terms and conditions of our agreements with Sears Holdings; our ability to maintain an effective and productive business relationship with Sears Holdings, particularly in light of the existence of pending, and the likelihood of future, disputes with respect to the terms and conditions of our agreements with Sears Holdings; most of our agreements with Sears Holdings were negotiated while we were a subsidiary of Sears Holdings and we may have received different terms from unaffiliated third parties (including with respect to costs and merchandise-vendor and service-provider indemnification and defense for negligence claims and claims arising out of failure to comply with contractual obligations); our reliance on Sears Holdings to provide computer systems to process transactions with our customers (including the point-of-sale system for the stores we operate and the stores that our independent dealers and franchisees operate, which point-of-sale system captures, among other things, credit-card information supplied by our customers) and others, quantify our results of operations, and manage our business ("SHO's SHC-Supplied Systems"); SHO's SHC-Supplied Systems may be subject to disruptions and data/security breaches for which Sears Holdings may be unwilling or unable to indemnify and defend us against third-party claims and other losses resulting from such disruptions and data/security breaches; the ability and willingness of Sears Holdings to perform its contractual obligations to us; the possible effects on us if Sears Holdings' financial condition were perceived to significantly deteriorate, including if as a consequence Sears Holdings were to choose to seek the protection of the U.S. bankruptcy laws; limitations and restrictions in the Senior ABL Facility and our ability to service our indebtedness; our ability to obtain additional financing on acceptable terms; our dependence on independent dealers and franchisees to operate their stores profitably and in a manner consistent with our concepts and standards; our dependence on sources outside the U.S. for significant amounts of our merchandise; impairment charges for goodwill or fixed-asset impairment for long-lived assets; our ability to attract, motivate, and retain key executives and other employees; the impact of increased costs associated with being a publicly held company; our ability to maintain effective internal controls as a publicly held company; our ability to realize the benefits that we expect to achieve from our separation from Sears Holdings; litigation and regulatory trends challenging various aspects of the franchisor-franchisee relationship in the fast-food industry could expand to challenge or affect our relationships with our independent dealers and franchisees; low trading volume of our common stock due to limited liquidity or a lack of analyst coverage; the impact on our common stock and our overall performance as a result of our principal stockholders' ability to exert control over us; and other risks, uncertainties, and factors discussed in our most recent Quarterly Report on Form 10-Q, our most recent Annual Report on Form 10-K, and other filings with the Securities and Exchange Commission. We intend the forward-looking statements to speak only as of the date of this news release, and we do not undertake to update or revise the forward-looking statements as more information becomes available, except as required by law.

About Sears Hometown and Outlet Stores, Inc.

Sears Hometown and Outlet Stores, Inc. is a national retailer primarily focused on selling home appliances, hardware, tools, and lawn and garden equipment. Our Hometown stores are designed to provide our customers with in-store and online access to a wide selection of national brands of home appliances, tools, lawn and garden equipment, sporting goods and household goods, depending on the particular format. Our Outlet stores are designed to provide our customers with in-store and online access to new, one-of-a-kind, out-of-carton, discontinued, obsolete, used, reconditioned, overstocked, and scratched and dented products across a broad assortment of merchandise categories, including home appliances, lawn and garden equipment, apparel, mattresses, sporting goods and tools at prices that are significantly lower than manufacturers' suggested retail prices. As of August 2, 2014, we and our dealers and franchisees operated 1,251 stores across all 50 states as well as in Puerto Rico and Bermuda. Our principal executive offices are located at 5500 Trillium Boulevard, Suite 501, Hoffman Estates, Illinois 60192 and our telephone number is (847) 286-7000.

 

Sears Hometown and Outlet Stores, Inc.

Condensed Consolidated Statements of Income

(Unaudited)

 
   

13 Weeks Ended

 

26 Weeks Ended

Thousands, except per share amounts

 

August 2,
 2014

 

August 3,
 2013

 

August 2,
 2014

 

August 3,
 2013

NET SALES

 

$

638,693

   

$

656,899

   

$

1,228,547

   

$

1,258,016

 

COSTS AND EXPENSES

                       

Cost of sales and occupancy

 

491,604

   

508,502

   

937,559

   

955,370

 

Selling and administrative

 

139,226

   

130,928

   

274,505

   

258,116

 

Depreciation

 

2,067

   

2,050

   

4,355

   

4,392

 

Total costs and expenses

 

632,897

   

641,480

   

1,216,419

   

1,217,878

 

Operating income

 

5,796

   

15,419

   

12,128

   

40,138

 

Interest expense

 

(905)

   

(642)

   

(1,839)

   

(1,231)

 

Other income

 

798

   

431

   

1,478

   

846

 

Income before income taxes

 

5,689

   

15,208

   

11,767

   

39,753

 

Income tax expense

 

(2,329)

   

(6,073)

   

(4,728)

   

(15,621)

 

NET INCOME

 

$

3,360

   

$

9,135

   

$

7,039

   

$

24,132

 
                         

NET INCOME PER COMMON SHARE

                       

ATTRIBUTABLE TO STOCKHOLDERS

                       
                         

Basic:

 

$

0.15

   

$

0.40

   

$

0.31

   

$

1.04

 

Diluted:

 

$

0.15

   

$

0.40

   

$

0.31

   

$

1.04

 
                         

Basic weighted average common shares outstanding

 

22,666

   

23,100

   

22,666

   

23,100

 

Diluted weighted average common shares outstanding

 

22,666

   

23,106

   

22,666

   

23,102

 

 

Sears Hometown and Outlet Stores, Inc.

Condensed Consolidated Balance Sheets (Unaudited)

 

Thousands

 

August 2,
 2014

    

August 3,
 2013

    

February 1,
 2014

ASSETS

                 

CURRENT ASSETS

                 

Cash and cash equivalents

 

$

20,978

   

$

23,828

   

$

23,475

 

Accounts receivable

 

21,211

   

14,406

   

19,252

 

Merchandise inventories

 

469,607

   

445,607

   

482,107

 

Prepaid expenses and other current assets

 

13,312

   

14,213

   

13,216

 

Total current assets

 

525,108

   

498,054

   

538,050

 

PROPERTY AND EQUIPMENT, net

 

51,973

   

49,940

   

48,973

 

GOODWILL

 

167,000

   

167,000

   

167,000

 

LONG-TERM DEFERRED TAXES

 

48,345

   

66,068

   

52,672

 

OTHER ASSETS

 

45,898

   

26,680

   

40,490

 

TOTAL ASSETS

 

$

838,324

   

$

807,742

   

$

847,185

 

LIABILITIES

                 

CURRENT LIABILITIES

                 

Short-term borrowings

 

$

74,800

   

$

34,900

   

$

99,100

 

Payable to Sears Holdings Corporation

 

83,711

   

77,234

   

68,396

 

Accounts payable

 

13,897

   

21,784

   

24,129

 

Other current liabilities

 

64,495

   

75,998

   

60,319

 

Current portion of capital lease obligations

 

286

   

1,230

   

662

 

Total current liabilities

 

237,189

   

211,146

   

252,606

 

CAPITAL LEASE OBLIGATIONS

 

3

   

250

   

95

 

OTHER LONG-TERM LIABILITIES

 

3,475

   

5,652

   

4,259

 

TOTAL LIABILITIES

 

240,667

   

217,048

   

256,960

 

STOCKHOLDERS' EQUITY

                 

TOTAL STOCKHOLDERS' EQUITY

 

597,657

   

590,694

   

590,225

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

838,324

   

$

807,742

   

$

847,185

 

 

Sears Hometown and Outlet Stores, Inc.

Segment Results

(Unaudited)

 

Hometown

               
   

13 Weeks Ended

 

26 Weeks Ended

Thousands, except for number of stores

 

August 2, 2014

    

August 3, 2013

    

August 2, 2014

    

August 3, 2013

Net sales

 

$

480,253

   

$

503,934

   

$

898,789

   

$

948,737

 

Comparable store sales % (1)

 

(5.1)

%

 

(0.4)

%

 

(6.2)

%

 

(3.6)

%

Cost of sales and occupancy

 

372,047

   

388,505

   

684,201

   

722,389

 

Gross margin dollars

 

108,206

   

115,429

   

214,588

   

226,348

 

Margin rate

 

22.5

%

 

22.9

%

 

23.9

%

 

23.9

%

Selling and administrative

 

105,515

   

104,215

   

204,352

   

204,356

 

Selling and administrative expense as a percentage of net sales

 

22.0

%

 

20.7

%

 

22.7

%

 

21.5

%

Depreciation

 

730

   

745

   

1,381

   

1,611

 

Total costs and expenses

 

478,292

   

493,465

   

889,934

   

928,356

 

Operating income

 

$

1,961

   

$

10,469

   

$

8,855

   

$

20,381

 

Total Hometown stores

             

1,103

   

1,121

 
                         

Outlet

               
   

13 Weeks Ended

 

26 Weeks Ended

Thousands, except for number of stores

 

August 2, 2014

 

August 3, 2013

 

August 2, 2014

 

August 3, 2013

Net sales

 

$

158,440

   

$

152,965

   

$

329,758

   

$

309,279

 

Comparable store sales % (1)

 

(10.4)

%

 

8.2

%

 

(6.5)

%

 

4.7

%

Cost of sales and occupancy

 

119,557

   

119,997

   

253,358

   

232,981

 

Gross margin dollars

 

38,883

   

32,968

   

76,400

   

76,298

 

Margin rate

 

24.5

%

 

21.6

%

 

23.2

%

 

24.7

%

Selling and administrative

 

33,711

   

26,713

   

70,153

   

53,760

 

Selling and administrative expense as a percentage of net sales

 

21.3

%

 

17.5

%

 

21.3

%

 

17.4

%

Depreciation

 

1,337

   

1,305

   

2,974

   

2,781

 

Total costs and expenses

 

154,605

   

148,015

   

326,485

   

289,522

 

Operating income

 

$

3,835

   

$

4,950

   

$

3,273

   

$

19,757

 

Total Outlet stores

             

148

   

129

 
   

(1)

Adjusted comparable store sales for the 13 and 26 weeks ended August 2, 2014 were (3.3)% and (3.3)% for Hometown and (9.0)% and (4.5)% for Outlet.

SOURCE Sears Hometown and Outlet Stores, Inc.

###

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