Sears profit falls 38%, hurt by appliance promotions

Sears Holdings Corp. said Thursday that its fiscal first-quarter profit fell 38% after it increased discounts to promote appliances at its domestic namesake chain while demand for its tools and home electronics declined.

Net income in the quarter ended May 1 fell to $16 million, or 14 cents a share, from $26 million, or 21 cents a share, a year earlier, said the company /quotes/comstock/15*!shld/quotes/nls/shld (SHLD 93.84, -5.72, -5.75%) , majority-owned by hedge fund investor Eddie Lampert's ESL Investments. Revenue was down slightly to $10.05 billion from $10.06 billion, including a $187 million boost from the currency translations.

On an adjusted basis, Sears' profit would have fallen to 16 cents a share from 38 cents a share. Analysts polled by FactSet expected earnings of 12 cents a share on sales of $10.22 billion.

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- Posted: 2010-05-20 08:46:00

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