Sears posts bigger loss as sales slide

Thu May 22, 2014 6:10am EDT
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May 22 (Reuters) - Sears Holdings Corp posted a bigger loss for the first quarter as the struggling retailer failed to arrest the fall in sales despite offering heavy discounts to woo shoppers.

The Eddie Lampert-controlled company's loss attributable to shareholders widened to $402 million, or $3.79 per share, in the quarter ended May 3 from $279 million, or $2.63 per share, a year earlier.

The company, which operates Sears department stores and the Kmart discount chain, said revenue fell 6.8 percent to $7.88 billion.

Sears Canada Inc, in which Sears holds a 51 percent stake, posted its steepest fall in quarterly sales in almost five years on Wednesday. (Reporting by Maria Ajit Thomas in Bangalore; Editing by Kirti Pandey)