Asset sales push Sears Holdings into the black, Canada next on the block
HTT Staff -- Home Textiles Today, 5/17/2012 11:26:49 AM
Hoffman Estates, Ill. - Shortly after reporting a first-quarter profit this morning, Sears Holdings announced that it will sell off a partial interest in the Sears Canada operation.
Sears Holdings currently owns 95% of the Canadian company. It intends to retain a 51% interest after the spin-off.
For the quarter ended April 28, Sears Holdings earned $189 million, or $1.78 per share, compared to a year-ago net loss of $170 million, or $1.58 per share. Earnings were boosted by the sales of stores and leaseholds that generated roughly $440 million.
Overall revenues fell 2.8% to $9.3 billion, which the company attributed to declining comps and the fact that there are fewer Sears and Kmart stores in operation than a year ago.
Total U.S. comps fell 1.3%. Sears' comp fell 1.0%, with Kmart's comp off 1.6%.
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