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Sears Holdings returns to a profit in 1st quarter
Sears Holdings returns to profit in its 1Q; plans to spin off a minority stake in Sears Canada
By The Associated Press

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.

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