|Page (1) of 1 - 05/17/12||email article||print page|
Sears Holdings returns to profit in its 1Q; plans to spin off a minority stake in Sears Canada
HOFFMAN ESTATES, Ill. (AP) ' Sears Holdings Corp. returned to a first-quarter profit, benefiting from a gain on the sale of some stores.
The Hoffman Estates, Ill., company, which runs Sears, Kmart and Lands' End, also said Thursday that it plans to spin off a minority stake in Sears Canada Inc.
Sears earned $189 million, or $1.78 per share, for the period ended April 28. It lost $170 million, or $1.58 per share, a year ago.
Excluding store closing costs and other items, Sears lost 31 cents per share from continuing operations. Analysts expected a loss of 67 cents per share.
Revenue slipped 3 percent to $9.27 billion, hurt by unfavorable currency exchange rates. Wall Street forecast $9.26 billion.
Sears will keep an approximately 51 percent stake in Sears Canada, down from 95 percent.