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.”