Sears profit grows 20% but sales drop
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Retailer Sears Holdings Corp. said its first-quarter earnings grew 20% on one-time gains while U.S. store sales dropped.
For the quarter ended May 5, net income was $216 million, or $1.40 a share, compared with $180 million, or $1.14, a year earlier. Excluding one-time items, including a legal settlement and retirement benefit, the company earned $1.10 a share, compared with an adjusted $1.11 a share in the first quarter of 2006.
Revenue fell to $11.7 billion from $12 billion a year earlier.
On average, analysts surveyed by Thomson Financial forecast quarterly profit of $1.22 a share on revenue of $11.6 billion. Analyst estimates typically exclude one-time items.
Sears shares fell $3.23, or 1.8%, to $180.02.
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