Sears narrows loss on cost cuts; sales decline
HOFFMAN ESTATES – Sears Holding Corp.'s push to turn around its ailing business is showing early signs of paying off, though the retailer failed to stem declining sales.
The Hoffman Estates-based company said Thursday that aggressive cost-cutting and reduced inventory levels helped narrow its loss in the second quarter from a year ago, with results coming in line with Wall Street expectations.
"We did what we said we were going to do," CEO and President Lou D'Ambrosio said in a letter to employees, noting that the company still has plenty of work ahead.
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