Sears returns to profit, J.C. Penney bombs in record stock slide |
| Los Angeles Times - May 17, 2012 |
Sears Holding Co. may be back from the brink, once again earning a profit in its first quarter. J.C. Penney, however, has been less blessed as consumers and investors roundly trounced its turnaround effort this week.
On Thursday, Sears said it earned $189 million, or $1.78 per share in the quarter ended April 28, after losing $170 million, or $1.58 per share, during the same period a year earlier.
Much of the gain came selling off some of its stores – which the struggling retail company announced in December after a disappointing holiday slump.
Sears, which owns its namesake brand as well as Kmart and Lands' End, has attempted to revitalize itself after four years of sales declines. Revenue is still hurting – down 3% in the first quarter to $9.3 billion. Weak demand for consumer electronics pushed same-store sales in the U.S. down 1.6% for both Sears and Kmart.
Read Full Article from Los Angeles Times
- Posted: 2012-05-17 12:16:01
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