Sears Holdings (SHLD) Posts Smaller Q1 Adjusted Loss

Sears Holdings (NASDAQ: SHLD) reported Q1 EPS of ($4.41), or ($1.86) ex-items, versus the analyst estimate of ($3.20). Revenue for the quarter came decreased approximately $488 million to $5.4 billion versus the consensus estimate of $5.26 billion.

Edward S. Lampert, Holdings' Chairman and Chief Executive Officer, said, "While our operating performance still remains well below our goals, I am pleased to report that our first quarter Adjusted EBITDA, excluding Seritage Growth Properties and joint venture rent, improved by $14 million compared to the first quarter of 2015, largely driven by reductions in overall expenses. Our Sears Domestic and Kmart apparel businesses continue to be negatively impacted by a heavily promotional competitive environment. We continue to focus on improving the overall performance of these businesses through changes to our assortment, sourcing, pricing and inventory management practices. We remain focused on restoring Sears Holdings to profitability by concentrating on our best stores, our best members and our best categories through innovative solutions leveraging our Shop Your Way membership program and our Integrated Retail offerings."

Rob Schriesheim, Holdings' Chief Financial Officer, said, "We have an asset rich portfolio which provides us with numerous options to finance our transformation strategy. The closing of the previously announced $750 million Term Loan, together with the $500 million Secured Loan Facility, provides $1.25 billion of committed financing. When considered together with our previously announced intention to monetize at least $300 million of assets, this set of actions would result in an aggregate of $1.5 billion of enhanced liquidity. As we have consistently demonstrated, we will continue to take actions to adjust our capital structure and manage our business to enable us to execute on our transformation while meeting all of our financial obligations."

For earnings history and earnings-related data on Sears Holdings (SHLD) click here.

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