Sears 1Q loss narrows on reduced expenses

HOFFMAN ESTATES, Ill. (AP) — Sears’ first-quarter loss narrowed as the retailer reduced expenses.

Its stock is up more than 2 percent in Monday premarket trading.

The Hoffman Estates, Illinois, company — which runs Sears and Kmart stores — lost $303 million, or $2.85 per share. Losses, adjusted for one-time gains and costs, were $2 per share. That compares with a loss of $402 million, or $3.79 per share, a year earlier.

Selling and administrative expenses declined to $1.68 billion from $2.09 billion.

Revenue fell to $5.88 billion from $7.88 billion.

Sales at Sears domestic locations open at least a year dropped 14.5 percent, while sales at Kmart domestic locations open at least a year declined 7 percent.

Sears expects the real estate investment trust that it is forming, Seritage Growth Properties, will be declared effective by the Securities & Exchange Commission this week.