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.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The major averages ended the midweek session with slim gains after showing some intraday volatility in reaction to the release of the latest policy directive from the Federal Open Market Committee. The S&P 500 added 0.1%, while the relative strength among small caps sent the Russell 2000 higher by 0.3%.
Equities spent the first half of the session near their flat lines as participants stuck to the sidelines ahead of the FOMC statement, which conveyed no changes to the ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
VIDEO ON MSN MONEY
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'