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. This was accomplished through a combination of actions, including more efficient management of inventory and expenses; selective store closures; cheap Michael Kors Weston Pebbled Stud Large Beige Totes the sale of 14 properties, 11 domestic and 3 in Canada; the separation of the Sears Hometown
cheap Michael Kors cheap Michael Kors MK Signature Large Black Multicolor Totes Perforated Chain Large Pink Totes and Outlet store business, cheap Michael Kors Striped Travel Medium Brown White Totes which I will refer to as SHO; the spinoff of nearly half of our interest in Sears Canada while retaining a 51% stake; and funding our pension to allow us to offer lump sum settlements, thereby reducing our pension risk.Under Generally Accepted Accounting Principles, we are required to continue to include SHO in our historical financials through the date of separation, October of 2012. As a result, our GAAP financial statements will not present a year over year comparison on a consistent basis excluding SHO until the fourth quarter of this year. Throughout this year,
cheap Michael Kors Hamilton Studded Large Pink Totes when we report our quarterly results, we will disclose the impact of the SHO separation so as to provide a consistent basis for comparison.Beginning on Slide 5, let me briefly review our first quarter results.On a GAAP basis, we reported a net loss of $279 million as compared to net income of $189 million last year. The change from last year was due to 2 items. First, in last year's first quarter, we recognized a substantial gain from 2 real estate transac
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