Sears Holdings (SHLD) reports a 7.6% drop in comparable store sales in Canada during Q1.
In the U.S., comp sales at Sears were up 0.2% while Kmart saw a 2.2% fall.
Gross margin rates crumbled across brands as the company leaned on promotions heavily and a shift in mix hurt. Free delivery on home appliances also cut in.
Strategic alternatives continue to be looked at by the company for Sears Canada and the Sears Auto Center business.
CEO Eddie Lampert waxes on about the transition of Sears to a member-centric business model even as the losses mount.