UPDATE 1-Sears Q1 profit slips 38 pct

* Q1 net EPS $0.14 vs $0.21 yr-ago

* Q1 revenue flat compared with Q1 of 2009

* Comp sales at K-Mart up 1.7 pct, 1.2 pct at Sears

May 20 (BestGrowthStock) – Sears Holdings Corp’s (SHLD.O: )
first-quarter profit (Read more your timing to make a profit.) slipped 38 percent, hit by weaker margins
and slightly higher costs.

Sears, run by hedge fund manager Edward Lampert, posted a
quarterly net income attributable to shareholders of $16
million, or 14 cents a share, down from $26 million, or 21
cents a share, a year earlier.

Excluding a gain on sale of real estate, store reserve and
severance, it earned 2 cents a share.

Revenue at the company, which operates about 3,900 stores
in North America, was flat at $10 billion, compared with the
year-ago period.

Analysts on average were looking for earnings of 14 cents a
share, on revenue of $10.21 billion, according to Thomson
Reuters I/B/E/S. [ID:nASA00DZO]

Gross margins at the company fell to 28 percent, compared
with 29 percent in the year-ago quarter, while costs increased
slightly to $9.9 million.

Shares of the Hoffman Estates, Illinois-based company
closed at $99.56 Wednesday on Nasdaq.

Stock Market Trading

(Reporting by Shradhha Sharma in Bangalore; Editing by
Aradhana Aravindan)

UPDATE 1-Sears Q1 profit slips 38 pct