CHICAGO — Beleaguered retailer Sears Holdings Corp. reported a hefty drop in second-quarter profit as sales slumped, despite a restructuring aimed at drawing back shoppers who have taken their checkbooks elsewhere.

The company also delivered a downbeat outlook, predicting that sales and gross profit margins will feel continued pressure from the sluggish economy.

The performance — the latest in a string of dismal news for Sears and Kmart stores, left some analysts unimpressed.

"While they now have the excuse of a slower economy to hide behind and they used it as such in their release, results were weak," Credit Suisse analyst Gary Balter told investors in a research note.

"Despite the weakness, the company is clinging to the belief that its second half will be stronger, helped by massive expense cuts and by pulling inventory lower. ... We have seen this picture before and it is not a happy ending," Balter wrote.

Sears said yesterday that it earned $65 million, or 50 cents per share, in the three months ended Aug. 2.

That's down 62 percent from a year-ago profit of $173 million, or $1.15 per share. Excluding the effect of the reversal of a $62 million reserve item, earnings per share were 21 cents for the second quarter.

Revenue fell to $11.76 billion from $12.26 billion a year earlier. Same-store sales (sales at stores opened at least a year) dropped 6.2 percent in the U.S.

Same-store sales are a key indicator of a retailer's market health.

Sears shares rose $3.64, or 4.2 percent, to $90.62 yesterday.