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.