Hoffman Estates, Ill. -- Sears Holding Corp. reported Thursday that it recorded a bigger-than-expected loss in the first quarter as its shoppers cut back on spending. The chain said it lost $170 million, compared with net income of $16 million in the year-ago period.
The retailer had cautioned earlier in May that it expected a first-quarter loss due mainly to a drop in appliance, clothing and consumer electronic sales.
Kmart, which had been a strong performer for the company, saw sales drop 1.6% in the quarter on lower food, consumables and pharmacy revenue. At Sears' domestic stores, sales dropped 5.2% on weakened sales of appliances, clothing and consumer electronics.
Consolidated same-store sa