Sears Holdings Corp., based in Hoffman Estates, Illinois, lost $424 million, or $3.93 per share, in its first quarter.
It earned $245 million, or $2.29 per share, a year earlier, a quarter that included a $492 million gain tied to the sale of the Craftsman brand.
Revenue tumbled more than 30 percent to $2.89 billion, with store closings already under way contributing to almost two thirds of the decline.
Shares are down more than 3 percent before the opening bell.