Sears Holdings moves from loss to profit in Q1
HOFFMAN ESTATES, Ill. — Sears Holdings reported profits of $189 million during first quarter 2012, compared with a $165 million loss in first quarter 2011, the company said.
"We are pleased with the results for the first quarter and our progress toward restoring profit growth and transforming our company," president and CEO Lou D'Ambrosio said.
D'Ambrosio attributed the results to the company's efforts to enhance financial and operational discipline; improve core retail operations; and emphasize an integrated retail model and use the Shop Your Way Rewards program to attract and retain customers.
Still, the company's sales saw a decline, with sales for the quarter of $9.3 billion, down $270 million from first quarter 2011. Kmart's comps decreased by 1.6%, while the mass-merchandise retailer's total sales were $3.42 billion, compared with $3.48 billion in first quarter 2011. Kmart operated 1,290 stores as of April 28, 2012, compared with 1,305 as of April 30, 2011.