Sears 1Q loss widens, sales remain soft [View all]
Source: Omaha World Herald-AP
HOFFMAN ESTATES, Ill. (AP) — Sears' first-quarter loss widened as the beleaguered retailer's sales declined amid its ongoing struggle to attract shoppers.
Sears Holdings Corp. — which operates Kmart and its namesake stores — 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 latest results show the heavy challenges that remain.
Chairman and CEO Edward Lampert said in a statement on Thursday that Sears is seeing progress in its shift to a member-focused business, with first-quarter member sales comprising 74 percent of eligible sales — the highest level ever.
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Read more: http://www.omaha.com/money/consumer/sears-q-loss-widens-sales-remain-soft/article_287d05a1-e27b-53d3-9b51-789eda500aae.html
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