Sears (SHLD) is down over 13% after completely missing analyst estimates.
While analysts were looking for a profit of 35 cents per share, Sears whiffed big-time with a 17 cent loss. This was even after taking into account tons of one-off expenses. Comparable sales fell 8.6% overall. Sears Domestic comps were down particularly hard, at -12.5%.
Release: The decline at Sears Domestic continues to be driven by categories impacted by housing market conditions (including the home appliances category) as well as lower apparel sales. The decline in comparable store sales at Kmart was driven by a decline in apparel.
If we compare this to results from companies like Walmart or BJ’s, it’s easy to see that while the US consumer is still out there shopping, he or she is likely hunting for value and sticking to necessities. For some colour, Target (TGT) and Home Depot (HD) are holding up in the pre-market.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.