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Sears Holdings CEO Louis D'Ambrosio To Step Down; Provides Q4, FY Outlook

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Sears Holdings Corp (SHLD: Quote) announced that it now expects fourth quarter reported net loss attributable to shareholders of between $280 million and $360 million or $2.64 and $3.40 loss per share. Quarterly adjusted net income will be between $132 million and $212 million or $1.25 and $2.00 per share. Analysts polled by Thomson Reuters expect the company to report a earnings of $0.86 per share. Analysts' estimates typically exclude special items.

The company now expects adjusted EBITDA for the fourth quarter of between $365 million and $465 million.

For full year, the company predicts reported net loss attributable to shareholders in range of $721 million to $801 million, or $6.80 to $7.56 loss per share. Adjusted net loss is expected to be between $123 million and $203 million, or between $1.16 and $1.92 loss per share. Analysts predict the company to report a loss of $2.66 per share.

Adjusted EBITDA for the full year of between $560 million and $660 million.

The company also reported total domestic comparable store sales for the nine-week period declined 1.8% largely due to sales declines in the consumer electronics category at both Sears and Kmart. Excluding the consumer electronics category, total comparable stores sales decreased 0.2%, with Sears Domestic increasing 2.4% and Kmart decreasing 2.4%.

Additionally, the company announced that Louis J. D'Ambrosio will step down as Chief Executive Officer for family health matters at the end of the company's fiscal year on February 2, 2013. Edward Lampert will then assume the role of CEO, in addition to his role as Chairman of the Board, the company stated. D'Ambrosio will remain on the Board until the company's next Annual Meeting of Stockholders and will be available to assist with a smooth transition, the company added.

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by RTT Staff Writer

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