Things haven’t gone well, fiscally speaking, for Sears Holdings Corp. in quite some time. After the May 22 first-quarter financial results conference call, Sears had recorded its 29th consecutive quarter with a sales decline. First-quarter net loss was $402 million, well above the $279 million net loss in the same period a year ago.
For Sears Chairman and CEO Eddie Lampert, the only silver lining that is carrying the company’s financial hopes is its customer loyalty program known as Shop Your Way. The program accounted for 74....