March 14, 2018 / 9:21 PM / 4 months ago

Sears reports smaller-than-expected fall in comparable sales

March 14 (Reuters) - Sears Holdings Corp’s fourth-quarter results showed a smaller-than-expected fall in comparable-store sales and a $470 million gain thanks to lower U.S. corporate tax rates, sending the retailer’s shares 7 percent higher on Wednesday.

In the surprise announcement, Sears said its comparable-store sales fell 15.6 percent in the quarter ended Feb. 3. Analysts on average had expected a 16.4 percent decline, according to Thomson Reuters I/B/E/S.

Sears reported a net income of $182 million or $1.69 per share, compared with a loss of $607 million or 5.67 per share a year earlier.

Revenue fell to $4.38 billion from $6.05 billion. (Reporting by Nivedita Balu in Bengaluru; Editing by Sai Sachin Ravikumar)

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