Sears 1Q loss widens, sales remain soft

Print
Email
|

Associated Press

Posted on May 22, 2014 at 6:00 AM

Updated Thursday, May 22 at 6:07 AM

HOFFMAN ESTATES, Ill. (AP) — 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.

Print
Email
|