HOFFMAN ESTATES, Ill. (
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.
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