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Edward Lampert

Sears Narrows 4Q Loss on Cost Cuts

Sears Holdings (NASDAQ:SHLD) narrowed its fourth-quarter loss on Thursday as it executed on its restructuring and cost-cutting plan. Still, sales slid year-over-year on disappointing holiday sales. The still struggling department store, which is in the middle of a massive restructuring, reported a fourth-quarter loss of $358 million, or $3.37 a share, compared with a year-earlier loss of $489 million, or $4.61.Excluding one-time items, Hoffman Estate, Ill.-based Sears said it lost 96 cents a share, better than the $1.82 EPS loss forecast by analysts in a Thomson Reuters poll.Selling and administrative expenses decreased by $669 million during the quarter, and the company said it continues to invest "hundreds of millions of dollars annually" on its overhaul and personalized "Shop Your Way" program.Shares of Sears rallied 7.7% to $43.50 in early trading.The consumer environment continues to be a problem for Sears and its peers, and the company said it was plagued with higher promotional ...

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