HOFFMAN ESTATES, Ill. (AP) — Sears Holdings says its first-quarter net income fell 38 percent on thinner profit margins squeezed by discounts.
An important measure of revenue rose at both Kmart and Sears stores. That was helped by purchases of appliances included in the government’s appliance rebate program.
Sears Holdings Corp., which is led by financier Chairman Edward Lampert, said Monday that net income was $16 million, or 14 cents per share, in the quarter ending May 1. That’s down from net income of $26 million, or 21 cents per share, a year earlier.
Revenue fell slightly to $10.05 billion.
Analysts expected the company, based in Hoffman Estates, Ill. to report profit of 14 cents per share on revenue of $10.21 billion.
