Sears, Roebuck & Co. reported a loss of $859 million for the first quarter, down from net income of $192 million last year.
The direct marketing and retailing giant reported revenue of $7.79 billion for the quarter ended March 31, down 12% from $8.72 million last year.
The Hoffman Estates, IL company attributed these results to a change in the way it accounts for its employee pensions, the sale of its credit card business and National Tire & Battery stores as well as a decline in clothing sales.
Network
