HOFFMAN ESTATES, Ill. (AP) – Sears, stung by higher charges, reported a wider fourth-quarter loss, but its adjusted loss was smaller than last year and investors were elated as the department store closely controlled inventory and expenses.
Wall Street looked past falling comparable-store sales as well, and shares rose more than 5 percent in Thursday premarket trading.
For the period ended Jan. 28, the Hoffman Estates, Illinois, company, which also owns Kmart, lost $607 million, or $5.67 per share. That compares with a loss of $580 million, or $5.44 per share, a year ago.
Impairment charges climbed to $409 million, from $203 million.
Losses, adjusted for one-time gains and costs, were $1.28 per share, or 42 cents better than last year on a per-share basis.