Sears Net Falls 38% on Reduced Margins

Sears said first-quarter earnings fell 38% on lower margin rates.
Author:
Publish date:

HOFFMAN ESTATES, Ill. (

TheStreet

) --

Sears

(SHLD)

said first-quarter earnings fell 38% on lower margin rates.

Sears said net income was $16 million, or 14 cents a share, down from $26 million, or 21 cents a share, a year earlier. Adjusted first-quarter earnings were 16 cents a share.

Sales fell to $10.05 billion from $10.06 billion.

Analysts surveyed by Thomson Reuters expected Sears to earn 14 cents a share on sales of $10.21 billion.

Sears said Kmart had a same-store sales increase of 1.7% during the quarter, the third-straight quarter of gains. Sears domestic same-store sales rose 1.2%.

Sears said the margin rate in the first quarter was 28.2% vs. 28.6% a year earlier.

-- Reported by Joseph Woelfel in New York.

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.