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Egghead posted a shrinking net loss for the first quarter of $3.7 million, compared with a loss of $12.4 million for the first quarter last year. Egghead attributed the improvement to a 55 percent reduction in expenses, including 100 store closures in 1997. The store closures hurt revenues to the tune of a 29 percent . They decreased to $56.2 million from $78.6 million for the first quarter of 1996.