HOFFMAN ESTATES, Ill. (AP) — Sears Holding Corp. says its second-quarter loss narrowed as the retailer cut expenses and reduced inventory.
Its adjusted earnings met Wall Street expectations. Revenue fell short because of weaker sales at both Sears and Kmart stores.
The company reported Thursday that it lost $132 million, or $1.25 per share, for the period ended July 28. That compares with a loss of $146 million, or $1.37 per share, a year ago.
Excluding costs tied to store closings, a pension expense and other items, the company lost 86 cents per share.
Revenue dropped 7 percent to $9.47 billion, missing Wall Street's $9.68 billion estimate.
On Monday Sears said that it is moving forward with plans to spin off its Hometown and Outlet stores along with some hardware stores into a separate company.