EARNINGS ROUNDUP / SEARS HOLDINGS

Sears Holdings Corp. reversed a year-ago loss and posted a profit of $26 million for its first quarter as it worked to manage inventory in its stores.

The results amounted to a profit of 21 cents a share, which is markedly better than a year earlier, when the retailer led by financier Edward Lampert lost $56 million, or 43 cents.

Excluding one-time items, the company said it earned $47 million, or 38 cents, for the three months that ended May 2. Sales fell more than 9% to $10.06 billion.

Analysts surveyed by Thomson Reuters expected the retailer to lose 88 cents a share on revenue of $10.06 billion. Those estimates typically exclude one-time items.

Based in the Chicago suburb of Hoffman Estates, Sears Holdings operates 3,900 Sears and Kmart stores in the U.S. and Canada.

Sears shares climbed $10.61, or 21%, to $60.80 in after-hours activity after closing at $50.19 in regular trading.