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Sears Holdings Corp. said Thursday that slashed expenses and reduced inventories helped it to narrow its second-quarter loss.
Although its adjusted results met Wall Street’s projections, the struggling retailer was unable to match quarterly sales estimates.
For the period ended July 28, Sears posted a net loss of $132 million, or $1.25 a share, compared with a year-ago loss of $146 million, or $1.37 a share.
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Excluding costs from store closings and other items, Sears lost 86 cents a share, which matched Wall Street’s expectations.
Quarterly sales fell 6.6 percent to $9.47 billion, from $10.1 billion. Analysts were looking for sales of $9.63 billion.
Lou D’Ambrosio, Sears chief executive officer and president, said, “We have improved our profit position, as we reduced expenses and expanded margin rate through more effective promotional design. We have also successfully lowered inventory, reduced debt from year-end, and enhanced our liquidity.”