By  on May 22, 2009

Sears Holdings Corp. managed to cut first-quarter advertising and payroll expenses enough to reverse year-ago losses even though revenues declined 9.2 percent as both its Sears and Kmart apparel businesses suffered.

Net income for the Hoffman Estates, Ill.-based firm tallied $26 million, or 21 cents a diluted share, and compared with year-ago losses of $56 million, or 43 cents. Revenues fell to $10.6 billion from $11.07 billion for the quarter ended May 2.

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