Sears’ losses widen in Q1

TORONTO — Sears Canada reported a Q1 net loss of $144.4 million, or $1.42 per share, compared to $63.6 million ($0.62) the previous Q1, when results were boosted by sale and leaseback transactions. Same-store sales rose by 2.9% but revenue declined by 15.2% to $505.5 million. The retailer attributed the disparity primarily to lower revenues from its Direct business, due in part to cuts in product offerings and pick-up locations based on lower demand. Last week, former CEO Mark A. Cohen told The Street that Sear Holding Corp. Eddie Lampert, who has a controlling interest in the Canadian company, “has no strategy to make the company profitable” and that Sears has “no viability on a forward basis.”