Shares of Sears Holdings Corp. shed 3.4% in premarket trade Thursday, after the struggling department store chain swung to a fiscal first-quarter loss and revenue fell sharply, amid store closures and a sharp decline in same-store sales. The net loss for the quarter ended May 5 was $424 million, or $3.93 a share, after a profit of $245 million, or $2.29 a share, in the same period a year ago. Revenue dropped to $2.89 billion from $4.20 billion, with store closures accounting for about two-thirds of the decline. Same-store sales fell 11.9%, as Kmart store sales declined 9.5% and Sears store sales dropped 13.4%. The company had utilized $994 million of its $1.5 billion revolving credit facility due in 2020 as of May 5, while total cash balances were $466 million. "To support our transformation efforts, we continue to take important, proactive steps to address our capital structure, enhance our liquidity position and provide the Company with additional financial flexibility," said Chief Financial Officer Rob Rieker. Sears said it identified 100 non-profitable stores, and will begin closing 72 of those stores "in the near future." The stock has tumbled 56.6% over the past 12 months through Wednesday, while the SPDR S&P Retail ETF has climbed 16.0% and the S&P 500 has gained 13.0%.