Sears Posts Q2 Profits

Sears (Hoffman Estates, Ill.) announced its second-quarter earnings, which included its first quarterly profit in three years.

According to the Chicago Tribune, the profits came as a result of selling and leasing back some of its buildings. It received gross proceeds of $2.7 billion from its real estate property transactions.

Sales for the company, however, declined, as revenue dropped from $8.01 billion to $6.21 billion. Same-store sales at Sears stores dropped 14 percent and dropped 7.3 percent at Kmart.

Currently, the company has $1.8 billion in cash and said that provides it the financial flexibility to continue to turn the company around and fund its revitalization efforts.