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“Sears is undergoing a significant transformation, and we fundamentally are changing the way we do business,” says Edward S. Lampert, Sears Holdings’ chairman and CEO in a company release. “Our performance in the first quarter highlights the challenges we are facing as well as the progress we are making in this transformation.”
Yet, when Sears announced its financial results for its first quarter ending May 3, the company posted a net loss of $402 million for the first quarter of 2014, compared to $279 million for the prior year first quarter. Adjusted EBITDA was $221 million for the first quarter of 2014, compared to $26 million in the prior year first quarter.
According to Lampert, Sears is moving away being soley a store-based network to a “member-centric business model” focused on providing solutions anytime and anyplace and while the losses are lessening, Sear’s still has an uphill climb.
For more information on Sears Holdings Q1 reports, click here.
