Sears Posts Wider First-Quarter Loss as Sales Decline
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Sears Holdings Corp., the retailer controlled by billionaire hedge-fund manager Edward Lampert, posted a wider first-quarter loss amid a sales decline that’s stretched into its seventh year.
The net loss in the three months through May 3 expanded to $402 million, or $3.79 a share, from a loss of $279 million, or $2.63 a share, a year earlier, the Hoffman Estates, Illinois-based retailer said today in a statement. Revenue fell 6.8 percent to $7.88 billion.