twice connect
careers

Sears Posts Lower Profits, Flat Sales

5/20/2010 09:39:04 AM Eastern

Hoffman Estates, Ill. - Sears reported lower net income and flat
sales for its fiscal first quarter ended May 1.

Net income for the quarter of $16
million compared with $26 million year on year. Revenues during the quarter
were $10.1 billion, essentially flat with the prior year's opening quarter.

Comp store sales at Kmart were up
1.7 percent and 1.2 percent at Sears Domestic.

"Kmart registered a comparable
store sales increase for the third consecutive quarter and Sears posted its
first quarterly increase in several years as we effectively partnered with
state agencies to sell energy-efficient appliances. Sears, however, also
experienced lower margin rates during the quarter," said W. Bruce Johnson,
Sears Holdings' interim CEO/president.

"On the other hand, our Kmart
format performed very well during the quarter, achieving margin rate
improvement on top of its increase in sales and nearly doubling its Adjusted
EBITDA. Furthermore, we continued to increase our investment in our
multi-channel capabilities and ShopYourWay rewards program, while at the same
time reducing our expenses."

The domestic comparable store
sales results included an increase at Kmart of 1.7 percent and an increase at
Sears Domestic of 1.2 percent. Increases in sales for thequarter at Sears
Domestic were primarily driven by the home appliance category, partially offset
by declines in the tools and home electronics categories.

PHOTOS
Nationwide PrimeTime 2014

Scenes from Nationwide PrimeTime buy fair held in

ProSource Meeting Filled With Optimism

San Antonio — Optimism reigned at ProSource’s

Ingram Draws 500 To Spring Vendor Expo

Scottsdale, Ariz. — Ingram Micro Consumer

CEA Holds ’14 Digital Patriots Dinner

Washington — CEA held its annual Digital Patriots’

8 Technology Accessories For a Greener Earth

An Earth Day review of Earth-friendly products, by

BrandSource Shows Diverse Product Selection

BrandSource’s Summit show at the Marriott World

Scenes From Toy Fair

By Lisa Johnston