Hoffman Estates, Ill. Sears Holdings Corp. reported Thursday that it cut its second-quarter loss by more than half on higher profit margins at its Kmart chain.
Sears lost $39 million for the quarter ended July 31, compared with a loss of $94 million in the year-ago period.
Revenue dipped to $10.46 billion from $10.55 billion last year. Wall Street expected revenue of $10.62 billion.
Same-store sales dropped 1.4% at Kmart stores and dropped 2.8% at Sears stores. Kmart’s drop was the first decrease in same-store sales in three quarters and came as the discount chain recorded lower sales of food.