"We have much on which to improve and are working hard to doso," he says. However, Lewis did not specify in the company'searnings release what the retailer plans to do to turn aroundresults.
The retailer's net income plummeted during the period, whichended Nov. 3, to $2 million, from $196 million the same time lastyear. The fall was primarily attributed to a decline in grossmargins as sales fell sharply.
Same-store sales at both the Sears and Kmart chains fell 4.6%year over year, with a 4.2% drop at Sears and a 5% slide at Kmart.Total sales came in at $11.5 billion, down from $11.9 billionduring last year's third quarter.
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