NEW YORK (MarketWatch) — Sears Holdings Corp. said Thursday that it swung to a fiscal first-quarter loss, hurt by a decline in appliance sales and cold, damp weather that dented demand for spring and summer apparel.
The Hoffman Estates, Ill.-based retailer, parent of Sears department stores and the Kmart discount chain, posted a quarterly loss of $170 million, or $1.58 a share, compared with a profit of $16 million, or 14 cents a share, in the year-earlier period.
On an adjusted basis, Sears SHLD +0.27% posted a loss of $1.39 a share in the latest quarter. Revenue fell 3.4% to $9.71 billion.
On average, analysts surveyed by FactSet Research expected a loss of $1.22 a share on $9.66 billion of revenue. Earlier this month, Sears had projected a quarterly loss of $1.35 to $1.81 a share.
Sears shares fell 2.7% to $73.81 in early afternoon trading. They’ve fallen 26% in the past year.
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