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HOFFMAN ESTATES, Ill. — Sears Holdings Corp. said it lost $402 million, or $3.79 per share, in its fiscal first quarter, compared to a loss of $279 million, or $2.63 per share, a year ago.
Sears Holdings Corp. said it lost $402 million, or $3.79 per share, in its fiscal first quarter, compared to a loss of $279 million, or $2.63 per share, a year ago.
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With certain items excluded, it lost $2.24 per share.
Sales at U.S. Sears stores open at least a year rose 0.2% in the period. Sales at its Kmart stores open at least a year declined 2.2% in the period through May 3.
Sales were particularly weak in the company’s consumer electronics business.
Online sales were a bright spot, rising 26% in the period. The company has been investing in e-commerce and its Shop Your Way rewards program as ways to rekindle sales.
Sears said revenue fell 7% to $7.9 billion in the quarter, partly because there were fewer Kmart and Sears stores open. Revenue also declined at Sears Canada. Sears Holdings said last week that it was considering selling its 51% interest in Sears Canada.
The company’s first quarter results also accounted for its spin-off last month of its Lands’ End business.
Operating losses over the past several quarters have forced Sears to sell assets and cut costs. The company has closed about 80 stores so far this year and more closing are expected.
