Sears reports bigger-than-expected 1Q loss
NEW YORK – Sears Holdings Corp. reported a steeper-than-expected loss for its first quarter as the beleaguered retailer struggles to turn itself around.
The operator of Sears and Kmart stores also says it is considering putting its service-agreement business up for sale to raise cash.
The Hoffman Estates, Ill.-based company says it lost $279 million, or $2.63 per share for the period. That compares with a profit of $189 million, or $1.78 per share, a year earlier.
Not including one-time items, the company said it lost $1.29 per share, worse than the 60 cents per share analysts expected.
Revenue fell 9 percent to $8.45 billion, above the $8.37 billion Wall Street expected.
The news comes more than three months after hedge fund billionaire Eddie Lampert took over as CEO.