Sears 4Q loss narrows as company reduces expenses
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.