Cuts help Sears Holdings turn a profit during dismal sales quarter
May 25, 2017
Same-store sales at Sears dropped 12.4 percent in the first quarter while Kmart sales plunged 11.2 percent. Sears Holdings, the parent company of the two struggling chains, managed to move its net income into the black on reduced costs from store closures and employee layoffs. It also received a boost from an upfront payment of $525 million from Stanley Black & Decker, which acquired the Craftsman brand.
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