Sears Holdings Reports Strategic Actions - Quick Facts

(RTTNews) - Sears Holdings Corp. (SHLD) said, as part of its ongoing efforts to streamline operations and focus on Best Stores, the company has identified approximately 100 non-profitable stores, 72 of which will begin store closing sales in the near future. Sears said it continues to evaluate its network of stores, which are a critical component in the company's transformation, and will make further adjustments as needed and as warranted.

Rob Riecker, CFO, said, "To support our transformation efforts, we continue to take important, proactive steps to address our capital structure, enhance our liquidity position and provide the company with additional financial flexibility. We intend to take further action with respect to certain near-term maturities of our debt, including through repayments, refinancings and extensions of such debt."

The company reported first-quarter total revenues of approximately $2.9 billion compared to $4.2 billion in the prior year quarter, with store closures contributing to nearly two thirds of the decline. Total comparable store sales declined 11.9% during the quarter, comprised of a 9.5% decline at Kmart and a 13.4% decline at Sears.

Sears reported a net loss attributable to shareholders of $424 million or $3.93 per share for the first quarter of 2018. This is compared to net income attributable to shareholders of $245 million or $2.29 per share in the first quarter of 2017, which included a gain of $492 million recognized in conjunction with the sale of the Craftsman brand.