Sears' sales tank, profits evaporate - do more layoffs loom?

Updated

Wondering how Sears is holding up during the recession? Consider this: it logged $1 billion less in sales in this year's second quarter compared to last year's.

Sears Holdings (SHLD) included several one-time earnings charges in the quarter it reported today. Once those were backed out, the retailer lost 17 cents a share. Analysts polled by Factset expected a profit of 42 cents. Wall Street punished the company by pushing its stock down more than 13 percent to under $64 in pre-market trading.

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