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Sears Holdings Corp. (NASDAQ:SHLD) stock edged higher on Thursday as the retailer narrowed its losses in the second quarter, thanks to lower expenses which helped offsetting flagging sales.
SHLD, which owns Kmart discount chain and Sears Department stores, reported that fiscal second-quarter loss narrowed to $132 million or $1.25 a share, from $146 million or $1.37 a share, in the earlier quarter.
Meanwhile same-store-sales in Sears and Kmart fell by 2.9% and 7.1%, respectively.
After excluding onetime expenses and other items, the company’s loss stood at 86 cents a share, falling in line with analysts’ forecasts to Thomson Reuters.
For the period, sales plunged 6.6% to $ 9.47 billion even as analysts has forecasted sales of $9.63 billion.
In order to turn itself profitable, the Hoffman Estates, Illinois-based Company has started to trim down some of its operations in Canada even as some stores in the U.S. have been shut down from this year.
At present, Sears operates 2,587 Sears’s stores both in the U.S. and Canada and 1,304 Kmart Stores.
The company is also in the process of spinning off its Hometown and Outlet stores during fiscal third quarter. The company expects to raise $446 million through spinoffs.
SHLD stock rose more than 4% in early trading on Thursday.
