Sears shares surge on profit report
The chain that once proclaimed itself 'where America shops' could be right again.
Shares of Sears Holdings (SHLD, news, msgs) rose $5.21, or 10.4%, to end the session at $55.40 after the company posted a surprise profit for the first quarter.
Sears earned $26 million, or 21 cents per share, a big improvement from the loss of $56 million, or 43 cents per share, it posted in the same period a year ago. Excluding items, Sears said it earned 38 cents per share in the quarter, well above Wall Street's expectations of a loss of 88 cents per share.
Sales at stores open at least one year fell 11.7% in the U.S., with a 2.1% decline seen at its Kmart stores. Tighter inventory management reduced the value of its unsold merchandise to $9.5 billion from $10.3 billion, the company said.
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