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 stock market ended the Wednesday session on a mixed note with small caps displaying relative strength. The Nasdaq Composite (+0.5%) and Russell 2000 (+0.4%) registered modest gains, while the Dow Jones Industrial Average (-0.2%) and S&P 500 (+0.01%) underperformed.
Despite the mixed finish, the key indices traded higher across the board at the start of the session after the advance reading of second quarter GDP surpassed estimates (4.0% versus Briefing.com ... More
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