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Sears 4Q Profit Falls 48% Feb 28, 2008 |
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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.