Sears 4Q loss narrows as co. reduces expenses

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Associated Press

Posted on February 28, 2013 at 8:00 AM

Updated Thursday, Feb 28 at 9:02 AM

HOFFMAN ESTATES, Ill. (AP) — Sears posted a smaller loss in the fourth quarter as it reduced its inventory and expenses while sales at its namesake stores rose slightly.

The retailer which also owns the Kmart store chain said Thursday that it lost $489 million, or $4.61 per share, for the period ended Feb. 2. That compares with a loss of $2.4 billion, or $22.63 per share, a year earlier.

Excluding certain items, earnings from continuing operations were $1.12 per share.

Revenue fell 2 percent to $12.26 billion from $12.48 billion.

Revenue at domestic Sears stores open at least a year edged up 0.8 percent, helped by strength in the clothing, home appliance and home categories.

Sears Holdings Corp. is based in Hoffman Estates, Ill.

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