Retailer Sears said that fourth-quarter profit fell 48%, due to poor performance at its Kmart and U.S. Sears stores. Earnings dropped to US$426 million, or $3.17 per share, from $811 million, or $5.27 per share, a year ago. Revenue slipped to $15.07 billion from $16.18 billion.
"Given the challenging retail environment, we will work to improve and tighten management of costs and inventory levels in 2008," said W. Bruce Johnson, Sears Holdings' interim CEO and president.
to Daily News