Sears Holdings returns to profit

HOFFMAN ESTATES, Ill. Sears Holdings reported net income for the quarter of $26 million (21 cents per diluted share) as compared to a net loss of $56 million (43 cents loss per diluted share) in the first quarter of 2008.

For the quarter, total revenues decreased $1 billion to $10.1 billion for the 13 weeks ended May 2, as compared to total revenues of $11.1 billion for the 13 weeks ended May 3, 2008. The decrease includes a $208 million decline due to unfavorable foreign currency exchange rates and was primarily due to lower comparable-store sales.