Sears, watching spending and inventory, limits adjusted loss
Sears same-store sales slid 12.3 percent, mostly hurt by falling sales of appliances, clothing, consumer electronics and tools.
At Kmart stores, comparable-store sales fell 8 percent, mainly because of softer sales of consumer electronics, toys, clothing and grocery and household items.
Chief Financial Officer Jason Hollar said a challenging holiday season pressured margins and same-store sales, but the company had a better adjusted profit by watching its inventory and managing costs.
Chairman and CEO Edward Lampert, whose hedge fund has forwarded millions in funding to keep Sears afloat, has long pledged to turn the company's fortunes around and that the retailer would find ways capitalize on its best-known brands like Kenmore appliances and DieHard car batteries, as well as its vast holdings of land.
The faltering retail chain has also said it may sell more locations, cut more jobs and put more of its famous brands on the block as part of its latest plan to revive itself.
Sears' troubles go further than that, having to compete on appliance sales with Home Depot and to match the cut-rate prices at huge chains like Wal-Mart.
[...] old rivals have made it tougher.
Stores are in need of a major redo.
Revenue declined to $6.05 billion from $7.3 billion.
Shares rose 40 cents to $7.89 on Thursday.
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