Sears Holdings Turns To Profit In Q2

Department store chain Sears Holdings Corp. (SHLD) posted second-quarter net income attributable to shareholders of 208 million dollar, or 1.84 dollar per share, compared to net loss of 573 million dollar, or 5.39 dollar per share in the comparable quarter last year.

Quarterly revenues decreased year-over-year to 6.21 billion dollar from 8.01 billion dollar. The company said a significant portion of the decline is related to actions taken by the company in 2014 to streamline its operations and focus on its transformation into a member-centric retailer. The decrease in revenue included a decrease of 780 million dollar associated with Sears Canada, which was de-consolidated in October 2014, and 386 million dollar as a result of fewer Kmart and Sears Full-line stores.

In addition, comparable store sales declined 10.8 percent during the quarter, comprised of decreases of 7.3 percent and 14.0 percent at Kmart and Sears Domestic, respectively, which accounted for 584 million dollar of the revenue decline.(DPA)