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Sears Tops Estimates; Some Skeptical About Turnaround

March 1, 2013

Retailer Sears Holdings Corp reported a higher-than-expected quarterly profit that stemmed mainly from cost cuts, doing little to boost Wall Street's faith in its turnaround and sending its shares down as much as 7 percent on Thursday.

The stakes were high this holiday season for the operator of Sears department stores and the Kmart discount chain. Many on Wall Street were looking at the quarter as a key gauge of progress of the turnaround at the company, which is controlled by hedge fund manager Edward Lampert.

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