May 25 Sears Holdings Corp reported its
first quarterly profit in almost two years, as the retailer
undertakes a $1.25 billion cost-cutting plan amid concerns about
its ability to continue as a going concern.
Sales at Sears' U.S. stores open more than a year fell 12.4
percent, while at Kmart they fell 11.2 percent in the first
quarter ended April 29.
Net income attributable to Sears' shareholders was $244
million, or $2.28 per share, compared with a loss of $471
million, or $4.41 per share, a year earlier.
Revenue fell 20.3 percent to $4.30 billion.
The company said in April that it expected to report a net
profit of between $185 million and $285 million for the first
quarter, helped by cost cuts, including through shutting stores
and reducing management jobs.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by