EARNINGS ROUNDUP / SEARS HOLDINGS
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Sears Holdings Corp. reversed a year-ago loss and posted a profit of $26 million for its first quarter as it worked to manage inventory in its stores.
The results amounted to a profit of 21 cents a share, which is markedly better than a year earlier, when the retailer led by financier Edward Lampert lost $56 million, or 43 cents.
Excluding one-time items, the company said it earned $47 million, or 38 cents, for the three months that ended May 2. Sales fell more than 9% to $10.06 billion.
Analysts surveyed by Thomson Reuters expected the retailer to lose 88 cents a share on revenue of $10.06 billion. Those estimates typically exclude one-time items.
Based in the Chicago suburb of Hoffman Estates, Sears Holdings operates 3,900 Sears and Kmart stores in the U.S. and Canada.
Sears shares climbed $10.61, or 21%, to $60.80 in after-hours activity after closing at $50.19 in regular trading.
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