Sears net loss runs to $170 million
May 19, 2011,
Hoffman Estates, Ill. - Sears Holding reported a net loss of $170 million for the first quarter, compared to a profit of $16 million in the year-ago period.
The company attributed the performance in part to poor weather, the economy and unfavorable comparisons to last year's government stimulus program related to appliance purchases.
However, we also fell short on executing with excellence," said Lou D'Ambrosio, the company's president and ceo. "We cannot control the weather or economy or government spending. But we can control how we execute and leverage the potent set of assets we have."
Going forward, the company will focus on the customer experience, he said. In addition, Sears Holding will work to expand its market position in appliances, capitalize on its Kenmore, Craftsman, DieHard, and Lands' End brands, build its home services business and improve its apparel business.
Revenues fell 3% to $9.7 billion. Comps at Sears U.S. stores dropped 5.2% and were off 1.6% at Kmart.
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