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Sears profit falls 48 percent
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Revenues fall short of analyst expectations
HOFFMAN ESTATES, Ill. - Sears Holdings Corp., the department store retailer controlled by Chairman Edward Lampert, says fourth-quarter profit tumbled 48 percent, due to poor performance at its Kmart and U.S. Sears stores.
The Hoffman Estates, Ill.-based company said Thursday earnings dropped to $426 million, or $3.17 per share, from $811 million, or $5.27 per share, a year ago.
Revenue slipped to $15.07 billion from $16.18 billion.
Analysts surveyed by Thomson Financial expected profit of $3.10 per share on higher revenue of $15.26 billion.
"Given the challenging retail environment, we will work to improve and tighten management of costs and inventory levels in 2008," said W. Bruce Johnson, Sears Holdings' interim CEO and president.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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