Sears Holdings Corporation (SHLD) swung to a net profit for the quarter ended Apr. 29, 2017. The company has made a net profit of $244 million, or $ 2.28 a share in the quarter, against a net loss of $471 million, or $4.41 a share in the last year period. On the other hand, adjusted net loss for the quarter widened to $230 million, or $2.15 a share from a loss of $199 million or $1.86 a share, a year ago.

Revenue during the quarter dropped 20.26 percent to $4,301 million from $5,394 million in the previous year period. Gross margin for the quarter contracted 20 basis points over the previous year period to 21.62 percent. Operating margin for the quarter period stood at positive 7.02 percent as compared to a negative 6.82 percent for the previous year period.

Operating income for the quarter was $302 million, compared with an operating loss of $368 million in the previous year period.

However, the adjusted operating loss for the quarter stood at $243 million compared to operating loss of $237 million in prior year period.

Edward S. Lampert, Holdings' chairman and chief executive officer, said, "While this was certainly a challenging quarter for our Company, it was also one that clearly demonstrated our commitment to return Sears Holdings to solid financial footing. We recognize that we need to accelerate our efforts to improve our operational performance and are moving decisively with our $1.25 billion restructuring program."

Cash conversion cycle (CCC) has decreased to 28 days for the quarter from 86 days for the last year period. Days sales outstanding went up to 9 days for the quarter compared with 7 days for the same period last year.

Days inventory outstanding has decreased to 52 days for the quarter compared with 110 days for the previous year period. At the same time, days payable outstanding went up to 34 days for the quarter from 31 for the same period last year.