Sears Holdings Corp. on Tuesday said it expects lower profit for its second quarter and added its board approved the repurchase of up to an additional $1 billion of common stock.
The retailer said same-store sales for the first nine weeks of its 13-week second quarter, which ends Aug. 4, fell 3.9 percent at its Kmart stores and 4 percent at its U.S. Sears stores.
Should those sales trends continue, Sears Holdings said it expects quarterly profit of $160 million to $200 million, or $1.06 to $1.32 a share, including special items. That would compare with $294 million, or $1.88 a share, a year earlier.
(Reporting by Karen Jacobs)