March 14, 2018 / 9:26 PM / 6 months ago

Sears reports lower-than-expected fall in comparable sales

(Reuters) - Sears Holdings Corp (SHLD.O) reported a smaller-than-expected decline in comparable-store sales in a surprise fourth-quarter earnings announcement, sending its shares up 9 percent on Wednesday.

FILE PHOTO - A Sears logo is seen inside a department store in Garden City, New York, U.S., May 23, 2016. REUTERS/Shannon Stapleton

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 has been in the midst of a turnaround plan that includes shuttering unprofitable stores and aggressively cutting costs.

Once the largest U.S. retailer, Sears last year flagged doubts that it could continue as a going concern, after struggling against the Amazon-fueled (AMZN.O) shift to online shopping.

Sears reported bit.ly/2pf6CNw a net income of $182 million or $1.69 per share in the fourth quarter, compared with a loss of $607 million or $5.67 per share a year earlier. Results included a $470-million gain thanks to lower U.S. corporate tax rates.

Sears’ revenue fell 27.7 percent to $4.38 billion, as it operated fewer stores compared with a year earlier.

Shares of Hoffman Estates, Illinois-based Sears were up 9.1 percent at $2.64 in after-hours trading.

Reporting by Nivedita Balu in Bengaluru; Editing by Sai Sachin Ravikumar

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