Sears Appliance Sales Help Achieve Quarterly Increase May 20, 2010

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It has been several years since Sears stores had a quarterly increase in comparable store sales, but the retail chain pulled it off in the first quarter of 2010 in part through its partnerships with state agencies to sell energy-efficient appliances.

The retailer showed increases in comparable store sales of 1.7% at Kmart stores and 1.2% at Sears domestic U.S. stores.

"Sears, however, also experienced lower margin rates during the quarter," said W. Bruce Johnson, Sears Holdings' interim CEO and president.

Kmart stores, however, achieved margin rate improvement in the quarter on top of an increase in sales and nearly doubling its adjusted EBITDA.

Sears Holdings first quarter net income was $16 million, or $0.14 per diluted share, in 2010, compared to $26 million, or $0.21 per diluted share, in 2009. Total revenues for the quarter of $10 billion in 2010 were flat with the first quarter in 2009.

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