HOFFMAN ESTATES, Ill., May 31, 2018 /PRNewswire/ -- Sears
Holdings Corporation ("Holdings," "we," "us," "our," or the "Company") (NASDAQ: SHLD) today announced financial results for its
first quarter ended May 5, 2018. As a supplement to this announcement, a presentation and a pre-recorded conference and
audio webcast are available at our website http://searsholdings.com/invest.
In summary, the Company reported a net loss attributable to Holdings' shareholders of $424
million ($3.93 loss per diluted share) for the first quarter of 2018. This compares to net
income attributable to Holdings' shareholders of $245 million ($2.29
earnings per diluted share) reported for the first quarter of 2017, which included a gain of $492
million recognized in conjunction with the sale of the Craftsman brand. Adjusted EBITDA was $(225)
million in the first quarter of 2018, as compared to $(220) million in the prior year first
quarter.
The Company generated total revenues of approximately $2.9 billion during the first quarter of 2018, compared with
revenues of $4.2 billion in the prior year quarter, with store closures contributing to nearly two thirds of the
decline. Total comparable store sales declined 11.9% during the quarter, comprised of a 9.5% decline at Kmart and a 13.4% decline
at Sears. While total comparable store sales declined, the Company did experience positive comparable store sales at both Kmart
and Sears in several categories, including apparel, footwear and jewelry.
Edward S. Lampert, Chairman and Chief Executive Officer of Holdings, said, "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. Our Shop Your
Way membership program and Integrated Retail Strategy are our key priorities, and we continue to look for new ways to leverage
our Shop Your Way ecosystem to drive improvements in value for our members and to increase the frequency and amount of their
engagement."
"As we look to the remainder of 2018 and beyond, we remain committed to restoring positive Adjusted EBITDA and will continue
to explore opportunities to unlock the full potential of our assets for our shareholders. This includes exploring third-party
partnerships involving several of our businesses - such as Sears Home Services, Innovel, Kenmore and DieHard - and gaining
further momentum around our new smaller store formats that blend brick and mortar and online experiences. We believe these
initiatives, among others, will help us to strengthen the Company and better position it for the future."
Highlights include:
- At May 30, 2018, we had $360 million of availability under
our revolving credit facility and $281 million of capacity under our general debt basket;
- Agreement with Citi Retail Services, subsequent to quarter end, for a long-term extension of our 15-year co-brand and
private label credit card relationship along with long-term marketing arrangements that include ongoing enhancements to the
Shop Your Way® Mastercard rewards program, which resulted in $400 million of net cash
flow to the Company;
- Collaboration with Amazon.com, subsequent to quarter end, to provide full-service tire installation and balancing for
customers who purchase any brand of tires on Amazon.com. This makes Sears Auto the first nationwide auto service center to
offer Amazon.com customers the convenient Ship-to-Store tire solution integrated into the Amazon.com checkout process. In
addition, DieHard all-season passenger tires will now be sold on Amazon.com. This program builds on the success of our earlier
launches of Kenmore and DieHard products on Amazon.com, significantly expanding the reach of those brands;
- Expansion of LEASE IT program online, making Sears the only national full-service retailer to offer customers a robust
assortment of products to lease both online and in-store;
- Expansion of exclusive apparel lines with Jaclyn Smith;
- Strategic partnership with Truxx to provide our members with unique incentives when they access the innovative
truck-sharing platform; and
- Strategic partnership with GasBuddy and its Pay with GasBuddy gasoline payment service, which entitles users to a discount
on nearly every gallon of gas they pump.
Rob Riecker, Chief Financial Officer of Holdings, said, "To support our transformation efforts,
we continue to take important, proactive steps to address our capital structure, enhance our liquidity position and provide the
Company with additional financial flexibility. We intend to take further action with respect to certain near-term maturities of
our debt, including through repayments, refinancings and extensions of such debt."
Financial Position
At May 5, 2018, the Company had utilized approximately $994 million of our $1.5
billion revolving credit facility due in 2020, consisting of $901 million of borrowings and $93
million of letters of credit outstanding. The amount available to borrow under our credit facility was
approximately $20 million, which reflects the effect of our springing fixed charge coverage ratio covenant and the borrowing
base limitation in our revolving credit facility, which varies based on our overall inventory and receivables balances.
Availability under our general debt basket was approximately $251 million at May 5,
2018. On a pro forma basis, assuming the payment received from the Citi transaction on May 18,
2018, the amount available to borrow under our revolving credit facility would have been $420
million.
The Company's total cash balances were $466 million at May 5, 2018, including restricted
cash of $280 million, compared to $336 million at February 3, 2018, which included
restricted cash of $154 million. Short-term borrowings totaled $1.7 billion at
May 5, 2018, consisting of $901 million of revolver borrowings, $570 million of line of credit loans,
$140 million of borrowings under the incremental real estate loan and $93 million of borrowings under the new secured loan.
On March 14, 2018, we closed on the Secured Loan and Mezzanine Loan facilities, pursuant to
which the Company received aggregate gross proceeds of $440 million and will contribute
$407 million of the proceeds into the Sears pension plans. This relieves the Company of
contributions to its pension plans for approximately two years (other than a $20 million
supplemental payment due in the second quarter of 2018), further reducing its pension liability.
During the first quarter of 2018, the Company also repaid $300 million of our Term Loan due in
2019 and completed private exchange offers and negotiated exchanges of and amendments to certain of its non-first lien
debt. As a result of the transactions relating to the non-first lien debt, the maturity of approximately $170 million of the Company's 6 5/8% Senior Secured Notes was extended to October
2019, and the interest on these notes, approximately $214 million of the Company's 8% Senior
Unsecured Notes, the Company's $300 million second lien term loan and $100
million of notes issued by a subsidiary of the Company, is payable in kind at the Company's option which, if elected,
would reduce cash interest by approximately $60 million per year.
Total long-term debt (including current portion of long-term debt and capital lease obligations) was $3.5 billion and $3.2 billion at May 5, 2018 and February 3, 2018,
respectively.
Strategic Actions
As part of our ongoing efforts to streamline the Company's operations and focus on our Best Stores, we have identified
approximately 100 non-profitable stores, 72 of which will begin store closing sales in the near future. A list of
the 72 stores will be posted in the "News/Media" section of searsholdings.com (http://searsholdings.com/media/company-statements) by
mid-day. We continue to evaluate our network of stores, which are a critical component in our transformation, and will make
further adjustments as needed and as warranted.
Separately, as previously announced on May 14, 2018, a special committee of the board of
directors of the Company (the "Special Committee") has initiated a formal process to explore the sale of the Kenmore brand and
related assets, the Sears Home Improvement Products business of the Sears Home Services division and the PartsDirect business of
the Sears Home Services division (collectively, the "Sale Assets"). The Special Committee, which consists solely of independent
directors, continues to evaluate the letter, dated April 20, 2018, from ESL Investments, Inc.
expressing interest in participating as a purchaser of all or a portion of the Sale Assets.
Adoption of Accounting Standards Update: Revenue from Contracts with Customers
Effective in the first quarter of 2018, the Company adopted a new accounting standard related to revenue recognition using the
full retrospective method. Accordingly, comparative financial statements of prior years have been adjusted to apply the new
standard retrospectively. The adoption of the new revenue standard impacted the accounting for our Shop Your Way program,
revenues from gift cards and merchandise returns. The expense for Shop Your Way points was previously recognized as customers
earned points and recorded within cost of sales. The new guidance requires the Company to allocate the transaction price to
products and points on a relative standalone selling price basis, deferring the portion of revenue allocated to the points and
recognizing a contract liability for unredeemed points. The change in the accounting for the Shop Your Way program reduced
revenue but had no impact to gross margin. The new guidance also changed the timing of recognition of the unredeemed portion of
our gift cards, which was previously recognized using the remote method. The new guidance requires application of the
proportional method. The Company reports revenues from merchandise sales net of estimated returns. The new guidance requires the
Company to record both an asset and a liability for anticipated customer returns.
Adjusted EBITDA
In addition to our net income (loss) attributable to Holdings' shareholders determined in accordance with Generally Accepted
Accounting Principles ("GAAP"), for purposes of evaluating operating performance, we use Adjusted Earnings Before Interest,
Taxes, Depreciation and Amortization ("Adjusted EBITDA"), which is a non-GAAP measure. The tables attached to this press release
provide a reconciliation of GAAP to the as adjusted amounts. We believe that our use of Adjusted EBITDA provides an appropriate
measure for investors to use in assessing our performance across periods, given that these measures provide adjustments for
certain significant items which may vary significantly from period to period, improving the comparability of year-to-year results
and is therefore representative of our ongoing performance. Therefore, we have adjusted our results for them to make our
statements more useful and comparable. However, we do not, and do not recommend that you, solely use Adjusted EBITDA to assess
our financial and earnings performance.
As a result of the Seritage and JV transactions, Adjusted EBITDA for the first quarter of 2018 and 2017 included additional
rent expense of approximately $32 million and $45 million,
respectively. Due to the structure of the leases, the Company expects that our cash rent obligations to Seritage and the joint
venture partners will continue to decline, over time, as space in these stores is recaptured. From the inception of the Seritage
transaction to date, we have received recapture notices on 64 properties and also exercised our right to terminate the lease on
65 properties.
Forward-Looking Statements
This press release contains forward-looking statements intended to qualify for the safe harbor from liability established by
the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about our ability to enhance our
financial flexibility and liquidity to successfully fund our transformation, our ability to achieve cost savings initiatives,
vendors' lack of willingness to do business with us or to provide acceptable payment terms or otherwise restricting financing to
purchase inventory or services, our ability to effectively compete in a highly competitive retail industry, our ability to
successfully implement our integrated retail strategy to transform our business into a member-centric retailer, our ability to
successfully manage our inventory levels, initiatives to improve our liquidity through inventory management and other actions,
the process being overseen by the Special Committee to explore the sale of the Sale Assets, and other statements that describe
the Company's plans. Whenever used, words such as "will," "expect" and other terms of similar meaning are intended to identify
such forward-looking statements. Forward-looking statements, including these, are based on the current beliefs and expectations
of our management and are subject to significant risks, assumptions and uncertainties, many of which are beyond the Company's
control, that may cause our actual results, performance or achievements to be materially different from any future results,
performance or achievements expressed or implied by these forward-looking statements. Detailed descriptions of other risks
relating to Sears Holdings are discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and
Exchange Commission. While we believe that our forecasts and assumptions are reasonable, we caution that actual results may
differ materially. We intend the forward-looking statements to speak only as of the time made and do not undertake to update or
revise them as more information becomes available, except as required by law.
About Sears Holdings Corporation
Sears Holdings Corporation (NASDAQ: SHLD) is a leading integrated retailer focused on seamlessly connecting the digital and
physical shopping experiences to serve our members - wherever, whenever and however they want to shop. Sears Holdings is
home to Shop Your Way®, a social shopping platform offering members rewards for shopping at Sears and Kmart, as well
as with other retail partners across categories important to them. The Company operates through its subsidiaries, including
Sears, Roebuck and Co. and Kmart Corporation, with full-line and specialty retail stores across the
United States. For more information, visit www.searsholdings.com.
Sears Holdings Corporation
|
Condensed Consolidated Statements of Operations
|
(Unaudited)
|
|
|
|
|
Amounts are Preliminary and Subject to Change
|
|
|
|
|
13 Weeks Ended
|
millions, except per share data and percentages
|
May 5,
2018
|
|
April 29,
2017
|
REVENUES
|
|
|
|
Merchandise sales
|
$
|
2,212
|
|
|
$
|
3,329
|
|
Services and other
|
679
|
|
|
870
|
|
Total revenues
|
2,891
|
|
|
4,199
|
|
COSTS AND EXPENSES
|
|
|
|
Cost of sales, buying and occupancy - merchandise sales
|
1,899
|
|
|
2,779
|
|
Gross margin dollars - merchandise sales
|
313
|
|
|
550
|
|
Gross margin rate - merchandise sales
|
14.2
|
%
|
|
16.5
|
%
|
Cost of sales and occupancy - services and other
|
387
|
|
|
489
|
|
Gross margin dollars - services and other
|
292
|
|
|
381
|
|
Gross margin rate - services and other
|
43.0
|
%
|
|
43.8
|
%
|
Total cost of sales, buying and occupancy
|
2,286
|
|
|
3,268
|
|
Total gross margin dollars
|
605
|
|
|
931
|
|
Total gross margin rate
|
20.9
|
%
|
|
22.2
|
%
|
Selling and administrative
|
906
|
|
|
1,221
|
|
Selling and administrative expense as a percentage of total
revenues
|
31.3
|
%
|
|
29.1
|
%
|
Depreciation and amortization
|
67
|
|
|
87
|
|
Impairment charges
|
14
|
|
|
15
|
|
Gain on sales of assets
|
(165)
|
|
|
(741)
|
|
Total costs and expenses
|
3,108
|
|
|
3,850
|
|
Operating income (loss)
|
(217)
|
|
|
349
|
|
Interest expense
|
(166)
|
|
|
(128)
|
|
Interest and investment income (loss)
|
1
|
|
|
(2)
|
|
Other loss
|
(33)
|
|
|
(46)
|
|
Income (loss) before income taxes
|
(415)
|
|
|
173
|
|
Income tax (expense) benefit
|
(9)
|
|
|
72
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO HOLDINGS' SHAREHOLDERS
|
$
|
(424)
|
|
|
$
|
245
|
|
NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO HOLDINGS'
SHAREHOLDERS
|
|
|
|
Diluted earnings (loss) per share
|
$
|
(3.93)
|
|
|
$
|
2.29
|
|
Diluted weighted average common shares outstanding
|
108.0
|
|
|
107.2
|
|
Sears Holdings Corporation
|
Condensed Consolidated Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Amounts are Preliminary and Subject to Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
millions
|
|
May 5,
2018
|
|
April 29,
2017
|
|
February 3,
2018
|
ASSETS
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
186
|
|
|
$
|
236
|
|
|
$
|
182
|
|
Restricted cash
|
|
280
|
|
|
28
|
|
|
154
|
|
Accounts receivable
|
|
345
|
|
|
479
|
|
|
343
|
|
Merchandise inventories
|
|
2,838
|
|
|
3,884
|
|
|
2,798
|
|
Prepaid expenses and other current assets
|
|
305
|
|
|
327
|
|
|
346
|
|
Total current assets
|
|
3,954
|
|
|
4,954
|
|
|
3,823
|
|
Property and equipment (net of accumulated depreciation and amortization of
$2,357, $2,803 and $2,381)
|
|
1,626
|
|
|
2,130
|
|
|
1,729
|
|
Goodwill
|
|
269
|
|
|
269
|
|
|
269
|
|
Trade names and other intangible assets
|
|
1,160
|
|
|
1,251
|
|
|
1,168
|
|
Other assets
|
|
274
|
|
|
483
|
|
|
284
|
|
TOTAL ASSETS
|
|
$
|
7,283
|
|
|
$
|
9,087
|
|
|
$
|
7,273
|
|
LIABILITIES
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Short-term borrowings
|
|
$
|
1,704
|
|
|
$
|
551
|
|
|
$
|
915
|
|
Current portion of long-term debt and capitalized lease
obligations
|
|
432
|
|
|
584
|
|
|
968
|
|
Merchandise payables
|
|
494
|
|
|
961
|
|
|
576
|
|
Other current liabilities
|
|
1,471
|
|
|
1,712
|
|
|
1,575
|
|
Unearned revenues
|
|
616
|
|
|
725
|
|
|
641
|
|
Other taxes
|
|
204
|
|
|
293
|
|
|
247
|
|
Total current liabilities
|
|
4,921
|
|
|
4,826
|
|
|
4,922
|
|
Long-term debt and capitalized lease obligations
|
|
3,043
|
|
|
3,146
|
|
|
2,249
|
|
Pension and postretirement benefits
|
|
1,329
|
|
|
1,677
|
|
|
1,619
|
|
Deferred gain on sale-leaseback
|
|
329
|
|
|
504
|
|
|
362
|
|
Sale-leaseback financing obligation
|
|
347
|
|
|
183
|
|
|
247
|
|
Other long-term liabilities
|
|
1,302
|
|
|
1,637
|
|
|
1,474
|
|
Long-term deferred tax liabilities
|
|
125
|
|
|
647
|
|
|
126
|
|
Total Liabilities
|
|
11,396
|
|
|
12,620
|
|
|
10,999
|
|
DEFICIT
|
|
|
|
|
|
|
Total Deficit
|
|
(4,113)
|
|
|
(3,533)
|
|
|
(3,726)
|
|
TOTAL LIABILITIES AND DEFICIT
|
|
$
|
7,283
|
|
|
$
|
9,087
|
|
|
$
|
7,273
|
|
|
|
|
|
|
|
|
Total common shares outstanding
|
|
108.3
|
|
|
107.3
|
|
|
107.8
|
|
Sears Holdings Corporation
|
Segment Results
|
(Unaudited)
|
|
|
|
|
|
|
Amounts are Preliminary and Subject to Change
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended May 5, 2018
|
millions, except store data and percentages
|
Kmart
|
|
Sears
Domestic
|
|
Sears
Holdings
|
Total revenues
|
$
|
797
|
|
|
$
|
2,094
|
|
|
$
|
2,891
|
|
|
|
|
|
|
|
Total cost of sales, buying and occupancy
|
644
|
|
|
1,642
|
|
|
2,286
|
|
Gross margin dollars
|
153
|
|
|
452
|
|
|
605
|
|
Gross margin rate
|
19.2
|
%
|
|
21.6
|
%
|
|
20.9
|
%
|
|
|
|
|
|
|
Selling and administrative
|
251
|
|
|
655
|
|
|
906
|
|
Selling and administrative expense as a percentage of total
revenues
|
31.5
|
%
|
|
31.3
|
%
|
|
31.3
|
%
|
Depreciation and amortization
|
9
|
|
|
58
|
|
|
67
|
|
Impairment charges
|
6
|
|
|
8
|
|
|
14
|
|
Gain on sales of assets
|
(40)
|
|
|
(125)
|
|
|
(165)
|
|
Total costs
and expenses
|
870
|
|
|
2,238
|
|
|
3,108
|
|
Operating loss
|
$
|
(73)
|
|
|
$
|
(144)
|
|
|
$
|
(217)
|
|
|
|
|
|
|
|
Number of:
|
|
|
|
|
|
Kmart Stores
|
365
|
|
|
—
|
|
|
365
|
|
Full-Line Stores
|
—
|
|
|
506
|
|
|
506
|
|
Specialty Stores
|
—
|
|
|
23
|
|
|
23
|
|
Total Stores
|
365
|
|
|
529
|
|
|
894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended April 29, 2017
|
millions, except store data and percentages
|
Kmart
|
|
Sears
Domestic
|
|
Sears
Holdings
|
Total revenues
|
$
|
1,447
|
|
|
$
|
2,752
|
|
|
$
|
4,199
|
|
|
|
|
|
|
|
Total cost of sales, buying and occupancy
|
1,184
|
|
|
2,084
|
|
|
3,268
|
|
Gross margin dollars
|
263
|
|
|
668
|
|
|
931
|
|
Gross margin rate
|
18.2
|
%
|
|
24.3
|
%
|
|
22.2
|
%
|
|
|
|
|
|
|
Selling and administrative
|
392
|
|
|
829
|
|
|
1,221
|
|
Selling and administrative expense as a percentage of total
revenues
|
27.1
|
%
|
|
30.1
|
%
|
|
29.1
|
%
|
Depreciation and amortization
|
13
|
|
|
74
|
|
|
87
|
|
Impairment charges
|
5
|
|
|
10
|
|
|
15
|
|
Gain on sales of assets
|
(597)
|
|
|
(144)
|
|
|
(741)
|
|
Total costs
and expenses
|
997
|
|
|
2,853
|
|
|
3,850
|
|
Operating income (loss)
|
$
|
450
|
|
|
$
|
(101)
|
|
|
$
|
349
|
|
|
|
|
|
|
|
Number of:
|
|
|
|
|
|
Kmart Stores
|
624
|
|
|
—
|
|
|
624
|
|
Full-Line Stores
|
—
|
|
|
626
|
|
|
626
|
|
Specialty Stores
|
—
|
|
|
25
|
|
|
25
|
|
Total Stores
|
624
|
|
|
651
|
|
|
1,275
|
|
Sears Holdings Corporation
|
Adjusted EBITDA
|
(Unaudited)
|
|
|
|
|
Amounts are Preliminary and Subject to Change
|
|
|
|
|
13 Weeks Ended
|
millions
|
May 5,
2018
|
|
April 29,
2017
|
Net income (loss) attributable to Holdings per statement of
operations
|
$
|
(424)
|
|
|
$
|
245
|
|
Income tax expense (benefit)
|
9
|
|
|
(72)
|
|
Interest expense
|
166
|
|
|
128
|
|
Interest and investment (income) loss
|
(1)
|
|
|
2
|
|
Other loss
|
33
|
|
|
46
|
|
Operating income (loss)
|
(217)
|
|
|
349
|
|
Depreciation and amortization
|
67
|
|
|
87
|
|
Gain on sales of assets
|
(165)
|
|
|
(741)
|
|
Impairment charges
|
14
|
|
|
15
|
|
Before excluded items
|
(301)
|
|
|
(290)
|
|
|
|
|
|
Closed store reserve and severance
|
76
|
|
|
76
|
|
Other(1)
|
18
|
|
|
15
|
|
Amortization of deferred Seritage gain
|
(18)
|
|
|
(21)
|
|
Adjusted EBITDA
|
$
|
(225)
|
|
|
$
|
(220)
|
|
|
(1)
|
The 13-week period ended May 5, 2018 consisted of items associated
with an insurance transaction and natural disasters, while the 13-week period ended April 29, 2017 consisted of
transaction costs associated with strategic initiatives.
|
Sears Holdings Corporation
|
Adjusted EBITDA
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Amounts are Preliminary and Subject to Change
|
|
|
|
|
|
|
|
|
13 Weeks Ended
|
|
May 5, 2018
|
|
April 29, 2017
|
millions
|
Kmart
|
Sears
Domestic
|
Sears
Holdings
|
|
Kmart
|
Sears
Domestic
|
Sears
Holdings
|
Operating income (loss) per statement of operations
|
$
|
(73)
|
|
$
|
(144)
|
|
$
|
(217)
|
|
|
$
|
450
|
|
$
|
(101)
|
|
$
|
349
|
|
Depreciation and amortization
|
9
|
|
58
|
|
67
|
|
|
13
|
|
74
|
|
87
|
|
Gain on sales of assets
|
(40)
|
|
(125)
|
|
(165)
|
|
|
(597)
|
|
(144)
|
|
(741)
|
|
Impairment charges
|
6
|
|
8
|
|
14
|
|
|
5
|
|
10
|
|
15
|
|
Before excluded items
|
(98)
|
|
(203)
|
|
(301)
|
|
|
(129)
|
|
(161)
|
|
(290)
|
|
|
|
|
|
|
|
|
|
Closed store reserve and severance
|
28
|
|
48
|
|
76
|
|
|
34
|
|
42
|
|
76
|
|
Other(1)
|
—
|
|
18
|
|
18
|
|
|
—
|
|
15
|
|
15
|
|
Amortization of deferred Seritage gain
|
(2)
|
|
(16)
|
|
(18)
|
|
|
(4)
|
|
(17)
|
|
(21)
|
|
Adjusted EBITDA
|
$
|
(72)
|
|
$
|
(153)
|
|
$
|
(225)
|
|
|
$
|
(99)
|
|
$
|
(121)
|
|
$
|
(220)
|
|
% to revenues
|
(9.0)
|
%
|
(7.3)
|
%
|
(7.8)
|
%
|
|
(6.8)
|
%
|
(4.4)
|
%
|
(5.2)
|
%
|
|
(1)
|
The 13-week period ended May 5, 2018 consisted of items associated
with an insurance transaction and natural disasters, while the 13-week period ended April 29, 2017 consisted of
transaction costs associated with strategic initiatives.
|
NEWS MEDIA CONTACT:
Sears Holdings Public Relations
(847) 286-8371
View original content:http://www.prnewswire.com/news-releases/sears-holdings-reports-first-quarter-2018-results-300656991.html
SOURCE Sears Holdings Corporation