Sears’ profit drops
May 20, 2010,
Hoffman Estates, Ill. – Gross margin pressure cut Sears Holdings’ earnings per share by 38% to 14 cents per share during the first quarter.
Sales were essentially flat at $10 billion. Kmart comps were up 1.7%, and Sears U.S. comps rose 1.2%.
Adjusted EBITDA (earnings before interest depreciation, taxes and amortization) was up 89% at Kmart, down 35% at Sears U.S. and up 4% at Sears Canada.
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