NEW YORK (AP) -- More gloomy earnings reports for retailers' fourth quarter -- when holiday shopping was the weakest in decades -- came Thursday with announcements of cuts and other cost savings.
Here's what four key retailers said:
-- Sears Holdings Corp., owner of the Kmart and Sears chains, reported that its fourth-quarter profit fell by about half because of charges and because shoppers were not buying big-ticket appliances. Sales at Sears Holdings fell 12 percent to $13.28 billion, missing analysts' forecast. For the three months ending Jan. 31, it earned $190 million, or $1.55 per share, down from $426 million, or $3.17 per share, a year earlier. The company, which has been badly hurt by the recession and housing market downturn, announced the closure of another 24 stores.
-- Limited Brands, which owns Victoria's Secret and Bath and Body Works, expects to lose money in the current quarter and is cutting expenses and jobs after reporting that its fourth-quarter profit plummeted. The company's shares fell more than 13 percent after it forecast earnings for the current quarter below analyst expectations. The company said it is taking "aggressive actions" to cut costs, including eliminating 400 jobs at its home office.
-- Gap Inc., which already has been slashing costs for 18 months as part of a turnaround effort, will now focus on marketing and use its low-price chain Old Navy to "compete on behalf of the company." A new ad campaign for Old Navy began Thursday as the company tries to renew its appeal to young moms. The San Francisco-based retailer, which also owns Banana Republic and its namesake stores, reported an 8.3 percent decline in fourth-quarter profit, though the results beat Wall Street's forecasts.
-- Department store chain Kohl's Inc. reported that its fourth-quarter profit fell 18 percent and it offered guidance for the full year that was short of analyst expectations. Even so, it hopes to gain market share during the year by expanding into former Mervyns locations, including most of the 55 new stores it plans to open. Profit for the three months ended Jan. 31 fell to $336 million, or $1.10 per share, from $412 million, or $1.31 per share.