NEW YORK – Sears Holding Corp. on Wednesday posted fourth-quarter earnings that beat analysts’ expectations and more than doubled from a year-ago due to the combined results from both the Kmart and Sears businesses.
Sears was formed nearly a year ago when Kmart and Sears merged. The holding company said that income rose to $648 million, or $4.03 a diluted share, from $309 million, or $3.09 a share, in the year-ago quarter. Wall Street’s consensus earnings per share estimate was $3.62, according to Thomson Financial. Revenues rose to $16.09 billion from $5.95 billion.
For the year, income dropped to $858 million, or $5.59 a diluted share, from $1.11 billion, or $11 a share, in the same year-ago period. Revenue climbed to $49.12 billion from $19.84 billion.
Separately, Sears said that Michael A. Miles and Julian C. Day have decided not to stand for re-election to the board when their terms end in April.
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