Sears Holdings Corp., the department store retailer controlled by Chairman Edward Lampert, says fourth-quarter profit tumbled 48 percent, due to poor performance at its Kmart and U.S. Sears stores.
The Hoffman Estates, Ill.-based company said Thursday earnings dropped to $426 million, or $3.17 per share, from $811 million, or $5.27 per share, a year ago.
Revenue slipped to $15.07 billion from $16.18 billion.
Analysts surveyed by Thomson Financial expected profit of $3.10 per share on higher revenue of $15.26 billion.
"Given the challenging retail environment, we will work to improve and tighten management of costs and inventory levels in 2008," said W. Bruce Johnson, Sears Holdings' interim CEO and president.