Sears 4Q profit falls 55 percent on charges

[Omaha Steve]

Source: AP

HOFFMAN ESTATES, Ill. (AP) - Sears Holdings Corp. (SHLD) said Thursday its fourth-quarter profit dropped 55 percent due to store closing, impairment and severance charges, but adjusted results beat analysts' estimates.

For the period ended Jan. 31, the retailer earned $190 million, or $1.55 per share. That compares with a profit of $426 million, or $3.17 per share, a year ago.

Quarterly results included an impairment charge of $187 million, or $1.53 per share, at Orchard Supply Hardware as well as severance and store closing charges. The charges were partially offset by a 7 cents-per-share tax benefit; a 4 cents-per-share gain on the repurchase of some debt and 3 cents-per-share mark-to-market gains on Sears Canada hedge transactions.

Adjusted earnings were $360 million, or $2.94 per share.

Read more: http://apnews.excite.com/article/20090226/D96J82JG0.html

[Rashel]

1. I'm really surprised Sears didn't close a few years ago.

Their stores are totally unappealing.

[blue_onyx]

2. I don't find them unappealing.

I shop there occasionally. We bought a new refrigerator there last summer. On the local news, they said Sears sales dropped but they are still profitable.

I wonder how Kmart is doing. That's the store I wouldn't be surprised to see closed.