Sears Holdings will soon close 72 more stores, saying it had identified a total of 100 unprofitable locations.
For the first quarter, Sears reported $2.9 billion in revenue, down from $4.2 billion in 2017, with store closures contributing to nearly two thirds of the decline.
Same-store sales were down 11.9% overall, 9.5% at Kmart and 13.4% at Sears. The company did report positive comps in several categories including apparel, footwear and jewelry.
“In a challenging quarter we continued to focus on our strategic transformation, identifying additional opportunities to streamline operations and adjust inventory and operating expenses while staying focused on our best members, best categories and best stores,” said Sears chairman and CEO Edward Lampert.
Lampert said Sears will continue to look for new ways to leverage the Shop Your Way loyalty ecosystem to drive greater value for members and increase the frequency and dollar value of their engagements.