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signals it will close more stores beyond the 80 planned
Revenue fell 7 per cent to $7.88 billion, partly because there were fewer Kmart and Sears stores open. The results also accounted for weaker Sears Canada revenue and the spinoff of Lands End in April.
Excluding certain items, it lost $2.24 per share.
Lampert told investors in a pre recorded call Thursday that Sears is seeing progress in its shift to a member focused business called Shop Your Way, with first quarter member sales comprising 74 per cent of eligible sales the highest level ever. That up from 68 per cent from the same period a year ago.
But its biggest albatross remains its stores, which have been criticized for being outdated. By the end of the first quarter, the company operated 1,900 Sears and Kmart stores.
Sears Holdings Corp., controlled by billionaire hedge fund investor Edward Lampert, has been cutting costs, reducing inventory and selling assets to return to profitability. Sears announced last week that it was considering selling its Canadian operations. It recently spun off clothing business Lands End as a separate public company after not having much success with it.
Another business that struggled was its fitness equipment business. It plans to boost that business as part of its Connected Living strategy. For example, it will reward Shop Your Way members for activities monitored via Fitbit, Jawbone Up and other smartphone apps.
But David Tawil, co founder and portfolio manager Nike Legging Men
performance in the first quarter highlights the challenges we are facing as well as the progress we are making in this transformation, Lampert added.
company, which operates Kmart as well as Sears stores, reported a wider first quarter loss as sales declined 7 per cent. The biggest drag was consumer electronics, a category that has been suffering because of price competition online.
The news came as the Hoffman Estates, Illinois based Pants Nike Hombre
Lampert acknowledged that overall profitability remains a challenge.
To turn around its consumer electronics business, Sears said it moving the business from a focus on selling TV to a company empowering Connected Living that will bring together its capabilities in fitness equipment, electronics, appliances, home services and auto services.
Sales at stores open at least a year is a key indicator of a retailer health. It excludes results from stores recently opened or closed
a year ago.
Moreover, Sears is also facing broader issues that are tripping up many other retailers. Like other stores catering to low to middle income customers, Sears is wrestling with a slowly recovering Nike T Shirt With Price economy that not benefiting all Americans equally. It also faces a shifting landscape where mobile shoppers want more flexibility on where and how they buy.
of Maglan Capital, which follows distressed companies, says the free loyalty program hasn enough traction or isn unique enough to set it apart from others. said in the call that the company close additional stores in the course of this year on top of the 80 now being closed.
Lampert noted that the biggest negative was the consumer electronics businesses at its Kmart and Sears stores. Sales at domestic Sears stores open at least a year edged up 0.2 per cent in the quarter. Excluding the impact of consumer electronics, the figure rose 0.8 per cent. At Kmart stores open at least a year, sales declined 2.2 per cent. Stripping out the impact of the consumer electronics business and its grocery and household goods category, the metric slipped 0.4 per cent at Kmart.
Sears lost $402 million, or $3.79 per share, for the period ended May 3. That compares with a loss of $279 million, or $2.63 per share, Nike Tank Tops Men
At the same time, it shifting away from its focus on running a store network to operating a member focused business.
Sears Holdings signalled that it may close more stores than the 80 locations it is shuttering this year as the beleaguered retailer looks for ways to restore profitability and raise cash.
Lampert, who is chairman and CEO, combined Sears and Kmart in 2005, about two years after he helped bring Kmart out of bankruptcy. But it has faced mounting pressure from nimbler rivals like Wal Mart Stores and Home Depot.
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