Sears Holdings' revenue dropped 31 percent year over year to $2.9 billion in the first quarter of this year, according to Reuters.
The company closed underperforming stores during the first quarter in an attempt to improve its financial position, and it plans to continue this strategy. Sears said it will close an additional 72 underperforming stores by the end of the third quarter.
"While we had a challenging first quarter, we remain focused on improving our financial performance and enhancing liquidity," said Sears CEO Edward Lampert.
Sears ended the first quarter of this year with a net loss attributable to the company of $424 million. In the same period of 2017, the company reported a $245 million profit.
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