Sears Surprises with Profit, Shares Surge

Shares of Sears Holdings Corp. (SHLD 50.19) are skyrocketing higher in Friday's premarket trade after the company reported much better-than-expected first quarter earnings and said it extended its credit facility.

Sears reported first quarter earnings of $0.38 per share, excluding nonrecurring items, $1.26 better than the First Call consensus that expected a loss of $0.88.

Revenues fell 9.2% year-over-year to $10.05 billion, in-line with the $10.06 billion consensus. Gross margins improved 130 basis points to 28.6% and topped the First Call consensus of 26.8%.

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- Posted: 2009-05-22 08:50:24

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