Sears’ Q1 Loss Widens as Sales Remain Soft
Sears’ first-quarter loss widened as the beleaguered retailer sales declined amid its ongoing struggle to attract shoppers.
Sears Holdings Corp. has been cutting costs, reducing inventory and selling assets to return to profit. At the same time, it’s shifting away from its focus on running a store network into a member-focused business.
The Hoffman Estates, Illinois, company lost $402 million, or $3.79 per share, for the period ended May 3. That compares with a loss of $279 million, or $2.63 per share, a year ago.
Excluding certain items, it lost $2.24 per share.
Revenue fell 7 percent to $7.88 billion.
Sears has closed about 80 stores year to date and said it may close more during the rest of the year.