Sears posts 1Q profit

Associated Press

Hoffman Estates, Ill. — Sears Holdings Corp. on Thursday reported fiscal first-quarter net income of $244 million, after reporting a loss in the same period a year earlier.

The Hoffman Estates, Illinois-based company said it had net income of $2.28 per share. Losses, adjusted for one-time gains and costs, came to $2.15 per share.

The department store operator posted revenue of $4.3 billion in the period.

Sears shares have dropped 20 percent since the beginning of the year. The stock has fallen 38 percent in the last 12 months.