Sears Hometown and Outlet Stores said Friday that its third-quarter net income fell 12%, as the company continued to shape itself following its spinoff from Sears Holdings Corp.
Hoffman Estates, Ill.-based Sears Hometown and Outlet shares began trading publicly last October. The company mostly sells home appliances, hardware, tools and lawn and garden equipment.
The company said its revenue at stores open at least a year fell 2%. Demand for home appliances rose, but sales of lawn and garden, consumer electronics, and apparel items fell.
The same-store sale metric is a key measure of a retailer's health. It excludes revenue at stores that recently opened or closed.
For the quarter ended Nov. 2, Sears Hometown earned $7.7 million, or $0.33 per share, down from $8.8 million, or $0.38 per share, in the same quarter of 2012. Revenue edged up about 1% to $561.1 million from $556.9 million.
