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Published on Friday, August 29, 2008
By LA Daily News Staff Writer
Sears Holdings Corp. reported a 62 percent drop in second-quarter profit as the retailer continues to struggle to attract customers to its stores despite a high-stakes restructuring.
The company also delivered a downbeat outlook predicting that its sales and gross profit margins will continue to be pressured amid a challenging economic environment.
The Hoffman Estates, Ill.-based retailer, which operates Kmart and Sears, Roebuck and Co. stores, said Thursday that it earned $65 million, or 50 cents per share, in the three-month period ended Aug. 2. That compares with $173 million, or $1.15 per share, in the year-ago period.
The second-quarter 2008 results included the positive impact of the reversal of a $62 million reserve because of the overturning of a Feb. 2, 2007, adverse jury verdict related to the redemption of certain Sears, Roebuck and Co. bonds in 2004.
Excluding the item, earnings per share were 21 cents for the second quarter of 2008.
Revenue declined to $11
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