Facebook (FB), GoPro (GPRO) and Groupon (GRPN) shoot higher on Q2 earnings beat. READ MORE

Sears Shares Rise on Lower Q2 Loss

But the retailer's quarterly revenue missed analysts' estimates


Sears Holdings (NASDAQ:SHLD) announced on Thursday that it lost $132 million during the second quarter, less than the $146 million it lost during the same period last year.

The retailer said sales dropped to $9.47 billion, down 6.6% from 2011. That fell short of the $9.63 billion in sales that Wall Street had anticipated, Reuters noted. Adjusted EPS for the quarter showed a loss of 86 cents, matching analysts’ estimates.

Sears: Eddie Lampert Has a Master Plan
Sears: Eddie Lampert Has a Master Plan

The lower-than-expected loss cheered investors. Shares of Sears jumped more than 5% on the news.

The company noted that same-store U.S. sales dropped 3.7% during the quarter. Sales fell at both Sears-branded outlets and Kmart stores, by 2.9% and 4.7%, respectively.

Sears has been hurt by competition from other discount retailers including Wal-Mart (NYSE:WMT), Home Depot (NYSE:HD), Target (NYSE:TGT) and Kohl’s (NYSE:KSS), all of which posted second-quarter profits that beat Wall Street forecasts.

Article printed from InvestorPlace Media, http://investorplace.com/2012/08/sears-shares-rise-on-lower-q2-loss/.

©2016 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.