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Sears Expects Income to Be Down for Year
Jan 18, 2011
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Sears Holdings Corp., which operates the Kmart and Sears retail chains, announced domestic comparable store sales for the five-week month of December, the quarter-to-date, and the year-to-date period, ended January 1, 2011.

While Kmart stores were up 2.3% for December, 3.4% for the quarter-to-date, and 0.8% YTD, Sears Domestic was down 6.0% in December, 5.3% QTD, and 3.8% YTD.

Sears Holdings said Sears Domestic's sales decline was primarily driven by hardlines categories. Over half of the decline occurred in consumer electronics, but appliances and tools also experienced declines.

Sears sells several appliance brands, including its own Kenmore brand, and has long been considered the single largest major appliances retailer in the United States.

Sears Holdings said that, for the full year ending Jan. 29, 2011, it expects net income attributable to Holdings' shareholders to be between $130 million and $210 million, excluding fourth quarter impact, if any, related to store closings and other items. For the full year ended Jan. 30, 2010, it reported net income of $235 million.

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