Sears’ (SHLD) First-Quarter Profit Drops 39%

Sears Holdings Corporation SHLD reported a 39% drop in its first-quarter profit. The company reported a profit of $16 million, or $0.14 per share in its first-quarter, compared with a profit of $26 million, or $0.21 per share reported for the same period last year. Excluding one-time items, the company reported a profit of $0.16 per share, down from $0.38 per share reported for the same period last year. Revenue declined 0.1% to $10.05 billion in the quarter. Domestic same-store sales at Kmart were up 1.7%, while at Sears they were up 1.2%. Analysts surveyed by Thomson Reuters were on average expecting Sears Holdings Corporation to report profit of $0.14 per share and revenue of $10.21 billion.