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Sears Posts Wider Q1 Loss

Revenues slip in the quarter.

Sears Holdings Corp posted a wider first-quarter loss.

 

The company said the loss for the quarter ended May 3 was $402 million, or $3.79 a diluted share, versus a loss of $279 million, or $2.63, a year ago.  Revenues fell 6.8 percent to $7.88 billion from $8.45 billion, reflecting the spinoff of Lands’ End and lower sales at Sears Canada.

 

Chairman and chief executive officer Edward S. Lampert reiterated the company’s changeover to an omnichannel retailer and said, “Our performance in the first quarter highlights the challenges we are facing as well as the progress we are making in this transformation.”

 

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