Sears shares surge on profit report
The chain that once proclaimed itself 'where America shops' could be right again.
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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[BRIEFING.COM] The major averages hover just below their highs with one hour remaining in the final session of the week.
Tomorrow, most global markets, including the U.S., will be closed for Good Friday, while Japan's Nikkei and China's Shanghai Composite will remain open. On Monday, the New York Stock Exchange will open at its regular time, while markets across Europe and Hong Kong's Hang Seng will remain closed for Easter Monday. Nasdaq +17.71 at 4103.94... NYSE Adv/Dec ... More
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