Sears reports first quarterly profit since 2012

Sears Holdings Corp. reported its first quarterly profit in more than three years on Thursday due to a one-off gain from the sale of stores, but the struggling retailer's sales continued to decline at a double-digit clip.

Net income attributable to shareholders was $208 million, compared to a loss of $573 million last year. Comparable store sales tumbled 10.8 percent, and revenue fell 22.5 percent to $6.21 billion.

During the quarter, the company sold 235 stores and its 50 percent interest in joint ventures with three mall operators to real estate investment trust Seritage Growth Properties for $2.7 billion.

Read more from Reuters.