American retailer Sears Holdings reported on the first quarter results. The company stated about a decline in revenues and margins, despite lower costs. Despite this, the company announced its intention to expand the business by attracting new partners. US sales for the 1st quarter fell by 7.1%. As a result, for the quarter that ended April 30, the loss totaled 471 million dollars against 303 million dollars in the previous year. Revenue fell by 8.3% to 5.39 billion. Our medium-term outlook is negative due to the expectation of further deterioration in performance and a fall may reach 15-20% in the coming months.