Sears reported a wider quarterly net loss on Thursday after sales fell at both its namesake department stores and its Kmart discount chain, and it invested in more promotions targeting rewards members. Sales have been falling since 2005, when hedge fund manager Edward Lampert merged the two U.S. chains in an $11 billion deal. Sales fell 6.7 percent to $8.3 billion, missing the analysts’ average estimate of $8.9 billion, according to Thomson Reuters. On Thursday, Lampert said Sears was spending more to make targeted offers to members of its Shop Your Way rewards program.
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VIDEO: Weak Sales, More Promotions Hurt Sears
