• Q1 net loss US$170m versus $16m profit
  • Revenues down 3.4% to $9.7bn
  • Company plans to “revitalise” apparel business

US retail giant Sears Holdings is planning to “revitalise” its apparel offer after slumping to a first quarter net loss of $170m, compared to net income of $16m a year ago.

Company revenues fell 3.4%, with domestic comparable store sales down 3.6%, and comps in Canada declining by 9.2%.

“Our first quarter was adversely impacted by unfavourable weather, economic pressures facing our customers, and comparisons to last year’s government-sponsored stimulus programme relating to the purchase of appliances,” said Lou D’Ambrosio, Sears CEO and president.

“We are taking actions intended to leverage our suite of assets, including… revitalising our Sears apparel business and delivering an extraordinary customer experience at the store, online and at home.”