First quarterly profit in 2 years for Sears

NEW YORK: Sears Holdings Corp reported its first quarterly profit in nearly two years, as the retailer slashed costs by nearly a third and benefited from the sale of its Craftsman brand, sending its shares surging 32.5 per cent. Its shares posted their biggest intraday percentage gain in more than three months. Quarterly sales, however, continued their years-long decline, while the company’s cash balance fell to US$264 million (RM1.12 billion) as of April 29 from US$286 million on January 28.