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