Sears 4Q loss narrows as it lowers expenses

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Associated Press

Posted on February 27, 2014 at 7:00 AM

Updated Thursday, Feb 27 at 8:02 AM

HOFFMAN ESTATES, Ill. (AP) — Sears Holdings Corp.'s fourth-quarter loss narrowed as the operator of Sears and Kmart stores lowered expenses and reduced inventory.

The retailer said Thursday that it lost $358 million, or $3.37 per share, for the period ended Feb. 1. That compares with a loss of $489 million, or $4.61 per share, a year ago.

Total costs and expenses fell to $10.73 billion from $12.88 billion.

Revenue for the Hoffman Estates, Ill. company dropped 14 percent to $10.59 billion from $12.26 billion. The performance was hurt in part by one less week in the latest quarter.

Sales at stores opened at least a year declined 6.4 percent. At Sears stores, the figure fell 7.8 percent. It dropped 5.1 percent at Kmart locations.

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