Sears Hometown And Outlet Stores Q2 Profit Down - Quick Facts

(RTTNews) - Sears Hometown and Outlet Stores, Inc. (SHOS), Friday reported a decrease in second-quarter net income, reflecting higher expenses.

Net income attributable to stockholders decreased 57 percent to $9.1 million or $0.40 per share, compared with $21.1 million or $0.91 per share during the same period last year. Adjusted EBITDA was $17.5 million, a 52 percent decrease from $36.7 million last year.

Net sales for the three-month period increased 1.9 percent to $656.9 million from $644.4 million a year ago. This increase was driven primarily by a 1.4 percent increase in comparable store sales and new stores, the company said in a statement. Partially offsetting these increases were lower initial franchise revenues as well as outlet apparel liquidation revenues, and impact of a calendar shift due to the 53rd week last year.

Total costs and expenses for the period increased to $641.4 million, from prior year's $610.7 million.

Further, the company announced that its Board authorized a $25 million repurchase program for the outstanding common shares.