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Sears Holdings Corp

Sears reports 2Q beat on revenue, mostly coming off store closures

Company still struggling to return to profitability as it shutters more stores

Sears on a building.
Sears is a retailer that is focused on both the digital and physical shopping experience.

Sears Holding Corp (NASDAQ:SHLD) reported on Thursday a beat in second quarter total revenues although the gains came mainly from store closures as shares of the troubled retailer rose in after-hours trade.

The company said total revenues reached approximately US$3.2bn during the second quarter of 2018, compared with expectations it would reached US$2.91bn and revenue of US$4.3bn in the prior year quarter.

Store closures again significantly contributed to the year over year decline, the company said.

"We have yet to achieve our goal of returning the company to profitability," said company chairman and chief executive Edward Lampert. "We continue to close unprofitable stores, and we are hopeful that we can stabilize our store base at a meaningful level in the near future."

READ: Sears CEO says the fight to restore the struggling retailer will continue

Sears stock climbed 5.45% to trade at US$1.28 on Friday, having jumped at the start to its session peak at US$1.37.

Shares of the company were up 9.09% in after-hours trade to US$1.32, having closed on Thursday 9.02% down at US$1.21.

Sears said total comparable store sales declined 3.9% during the quarter, which also reflected Kmart comparable store sales declining 3.7%.

The company was supposed to release its results early on Thursday, but delayed their release until after the market closed.

Sears is a retailer that is focused on both the digital and physical shopping experience. The company is based in Hoffman Estates, Illinois.

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