Sears Holdings Corporation provided an update on its Q4 quarter-to-date performance and financial position. Total domestic comparable store sales for the quarter-to-date period declined 7.4%, comprised of decreases of 5.7% at Kmart and 9.2% at Sears Domestic, the company reported.
Kmart’s quarter-to-date comparable store sales decline reflects declines in most categories including consumer electronics, grocery and household, and toys. Sears Domestic’s quarter-to-date comparable store sales decline is attributable to decreases in most categories including consumer electronics, tools and home appliances. Sears Canada comparable store sales for the quarter-to-date period ended January 6, 2014 were -4.4%.
During the quarter, the retailer reported that it continued to proactively transform its business to a member-centric integrated retailer leveraging its Shop Your Way program and platform. As previously stated, the retailer reported that it is transitioning from a business that has historically focused on running a store network into a business that provides and delivers value by serving its members in the manner most convenient for them: whether in store, in home or through digital devices.
Sears reported progress in this transformation, as it is seeing continued increases in its SYW member engagement metrics with 69% of its sales in the nine-week period ended January 4, 2014 derived from members as compared to 58% last year. For the nine-week period ended, the company spent $69 million more on SYW points expense compared to the same period last year.