Thursday, May 25, 2017

Sears posts quarterly profit on Craftsman sale, cost cuts

A Sears department store is pictured in La Jolla, California, U.S., March 22, 2017. REUTERS/Mike BlakeSears Holdings Corp  reported its first quarterly profit in nearly two years, as the retailer benefited from the sale of its Craftsman brand and a program to cut $1.25 billion in costs, amid doubts about its ability to continue as a going concern.


However, sales continued the years-long decline, hurt by lower demand for groceries, apparel and home appliances at the retailer's Sears and Kmart stores.

Sales at Sears' U.S. stores open more than a year fell 12.4 percent, while at Kmart it declined 11.2 percent in the first quarter ended April 29.. . . more

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