May 25 Sears Holdings Corp reported its first quarterly profit in almost two years, as the retailer undertakes a $1.25 billion cost-cutting plan amid concerns about its ability to continue as a going concern.
Sales at Sears' U.S. stores open more than a year fell 12.4 percent, while at Kmart they fell 11.2 percent in the first quarter ended April 29.
Net income attributable to Sears' shareholders was $244 million, or $2.28 per share, compared with a loss of $471 million, or $4.41 per share, a year earlier.
Revenue fell 20.3 percent to $4.30 billion.
The company said in April that it expected to report a net profit of between $185 million and $285 million for the first quarter, helped by cost cuts, including through shutting stores and reducing management jobs. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Savio D'Souza)
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