Sears Holdings Corp., the biggest U.S. department store company, said fiscal fourth-quarter profit plunged 47%, and Chairman Edward Lampert vowed to rein in costs and cut inventory.
Net income dropped to $426 million, or $3.17 a share, in the three months that ended Feb. 2, the Hoffman Estates, Ill.- based company said.
A year earlier, profit was $811 million, or $5.27 a share.
Sales in the quarter declined 6.8% to $15.1 billion.
"I'm not sure that there's anybody out there who says, 'Sears or Kmart is my favorite place to shop,' " said David Keuler, a money manager at Mason Street Advisors.
Sears shares fell 20 cents to $101.40. The stock had lost 43% of its value in the 12 months through Wednesday.