Sears Reports 1Q Loss May 30, 2008

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Sears Holdings Corp. posted its second quarterly loss, saying that it lost US$56 million in the first quarter. The retailer said its performance equated to a loss of $0.43 per share — a decrease from a year-ago profit of $223 million, or $1.45 per share. Sales were down nearly 6% to $11.1 billion. Same-store sales fell 9.8% in the U.S., while Kmart comparable store sales fell 7.1%. Total domestic comparable store sales declined 8.6%. Especially hard hit were sales of home appliances and products for lawn and garden care.

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