Sears moves to 1Q loss; Kmart, Sears sales weak

[May 19, 2011]  HOFFMAN ESTATES (AP) -- Sears Holding Corp. moved to a first-quarter loss, dragged down by the absence of a government appliance rebate program and softer sales at its Kmart and Sears stores.

Earlier this month the company led by billionaire Edward Lampert cautioned that it would post a bigger-than-expected loss due mainly to a drop in appliance, clothing and consumer electronic sales.

Sears lost $170 million, or $1.58 per share, compared with net income of $16 million, or 14 cents per share. The adjusted loss was $1.39 per share.

Revenue fell 3 percent to $9.71 billion.

Analysts expected a loss of 99 cents per share on revenue of $9.73 billion.

Sears is also considering a possible move of its headquarters. State and local incentives it receives expire next year.

[Associated Press]

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