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Sears Loses $279 Million in Q1

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Sears Holdings lost big in Q1, posting a net loss of $279 million or $2.63 cents a diluted share. That compares with Q1 2012 earnings of $189 million, or $1.78. That sales bump was tied to a boost from selling assets. Adjusted losses were more than double, at $1.29 a share versus 51 cents last year.

Revenues were down 8.8 percent, to $8.45 billion from $9.27 billion.

Comp-store sales were also down by 4.6 percent at Kmart and 2.6 percent at Sears’ U.S. stores.

CEO Edward Lampert didn’t take the easy way out and blame poor weather, a common strategy on conference calls this quarter. Instead, he said, “A company of our size and our assets should be generating a significant profit.”

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