May 25, 2017 / 10:14 AM / 3 months ago

Sears reports first quarterly profit in almost 2 years

May 25 (Reuters) - 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 Savio D'Souza)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below