First quar­terly profit in 2 years for Sears

New Straits Times - - Business World -

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.

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