Retail company Sears Holdings Corp. said first-quarter net income fell around 38 percent during first-quarter 2010 due to lower margins on appliances and electronics.
Quarterly profits fell to $16 million, or 14 cents per share, down from $26 million during the same period last year. Sears reported that revenues at both Sears and Kmart increased during the quarter, spurred by government programs to encourage purchases of newer, more energy-efficient appliances.
In addition to operating Kmart and Sears stores, the company also owns mail-order apparel company Land’s End, and appliance brands Craftsman and Kenmore.
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