NEW YORK (CNN/Money) - Sears Roebuck & Co. posted sharply higher first-quarter earnings Thursday, in line with revised expectations, as cost cutting helped the retailer offset declining sales.

The department store chain said earnings excluding items jumped to $356 million, or 93 cents a share, from $272 million, or 45 cents, a year earlier. Analysts polled by earnings tracker First Call expected a profit of 93 cents a share.

First-quarter sales slipped to $6.7 billion from $6.8 billion in the quarter.

Sears (S: Research, Estimates) shares slipped 54 cents to $53.71 in Wednesday trading.