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VOL. 41 | NO. 20 | Friday, May 19, 2017

Sears revenue continues decline amid tough landscape

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NEW YORK (AP) — Sears' extended decline in sales continued during the first quarter and the storied retailer vowed additional spending cuts to offset its slowing business.

The company reported a loss of $222 million, or $2.15 per share on weak sales. The company has been closing stores and selling brands long affiliated with Sears, including Craftsman.

A year prior, the company reported a loss of $181 million.

Revenue fell 20 percent, to $4.3 billion, and same-store sales fell 11.9 percent.

In March, Sears Holdings Corp. said there is "substantial doubt" it could continue as a viable concern with intense pressure coming from companies like Wal-Mart, Target and Amazon.com.

Asset sales have bought the retailer time, but it said recently that pension agreements may prevent the sale of more businesses, potentially leading to a shortfall in funding.

Sears, which employs 140,000 people, announced in January that it would close 108 additional Kmart and 42 more Sears locations, and unveiled yet another restructuring plan in February. The company has lost $10.4 billion since 2011, the last year that it made a profit.

"While this was certainly a challenging quarter for our company, it was also one that clearly demonstrated our commitment to return Sears Holdings to solid financial footing," Chairman Eddie Lampert said in a company release. "We recognize that we need to accelerate our efforts to improve our operational performance and are moving decisively with our $1.25 billion restructuring program."

Lampert's hedge fund has forwarded millions in funding to keep Sears afloat.

Shares of the Hoffman Estates, Illinois, company have dropped 20 percent since the beginning of the year. The stock has fallen 38 percent in the last 12 months.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0