Sears Holdings Plummets on Q1 Results

Retailer Sears Holdings SHLD was trading down sharply in Thursday's after-hours session after the company released its fiscal first-quarter earnings results. Sears reported a much wider than expected loss for the quarter, but revenue actually came in above consensus. In Thursday's after-hours session, SHLD was last trading down more than 11 percent to $51.54 in the wake of the company's large loss for the first-quarter. The company reported a net loss of $279 million or $2.63 per share, compared to net income of $189 million or $1.78 per share, in last year's corresponding period. On an adjusted basis, which is comparable to consensus, Sears reported a loss of $1.29 per share. This compared to analysts' consensus EPS estimates calling for a loss of $0.60. Sales in the quarter were down around 8.6 percent to $8.5 billion from $9.3 billion in the year ago period. The company cited fewer Kmart and Sears full-line stores in operation, lower comparable store-sales, and the separation of the Sears Hometown and Outlet businesses for the drop in revenue. Nevertheless, the results topped analysts' consensus sales estimates of $8.37 billion.