12 pm: 65°FPartly Sunny

2 pm: 70°FMostly Sunny

4 pm: 71°FMostly Sunny

6 pm: 70°FMostly Sunny

More Weather

Sears 4Q loss narrows as company reduces expenses

Mar. 01, 2013 @ 12:00 AM

NEW YORK -- Sears posted a smaller loss in the fourth quarter from a year ago as it reduced its inventory and expenses while sales at its namesake stores rose slightly.

But investors weren't pleased, sending shares down $2.47 per share, or 5.2 percent, to close at $45 on Thursday. Overall, the company's results show it continues to faces an uphill battle to turn itself around

The results come as the struggling retailer, which operates Sears and Kmart stores, announced last month that its chairman and hedge fund billionaire Edward Lampert will take over the role of CEO. He succeed Louis D'Ambrosio, who left this month because of family health matters. Investors had been queasy about the move as they worry whether Lampert would continue the investment that D'Ambrosio has made to improve the shopping experience.

In his annual letter to investors, Lampert sought to ease worries on Wall Street by promising the company will continue to invest in technology, bolster its online operations and make other changes.

(u'addcomment', u'nobuy')

Comments

The Herald-Dispatch welcomes your comments on this article, but please be civil. Avoid profanity, obscenity, personal attacks, accusations of criminal activity, name-calling or insults to the other posters. Herald-dispatch.com does not control or monitor comments as they are posted, but if you find a comment offensive or uncivil, hover your mouse over the comment and click the X that appears in the upper right of the comment. If you do not want your comment to post to your personal Facebook page, uncheck the box below the comment.