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 have regained their early losses with the Nasdaq (+0.5%) maintaining its outperformance thanks to the relative strength of the technology sector (+0.6%).
Outside of technology, another influential sector, health care (+0.5%), is also among the outperformers. Biotechnology has played a factor in the relative strength as the iShares Nasdaq Biotechnology ETF (IBB 262.82, +2.32) trades higher by 0.9%.
Although two of the three top-weighted ... More
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