Pursuits
Sears Jumps After Posting First Quarterly Profit Since 2015
- Retailer has been closing stores and selling assets for cash
- Sears remains ‘in a tough spot from pretty much every angle’
Sears Filing Sparks Concern That the End Is Near
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Sears Holdings Corp. rallied after posting its first quarterly profit since 2015, bringing a ray of optimism to a retail chain struggling to regain its relevance.
First-quarter net income amounted to $244 million, compared with a loss of $471 million a year earlier. The gain reflects efforts by Chief Executive Officer Eddie Lampert to sell assets and raise cash. But its main business -- running the Sears and Kmart department stores -- still struggled in the latest quarter: When excluding one-time items, the company posted a loss.