slumped 11% early Monday after the company said its fourth-quarter results would fall short of Wall Street's estimates following disappointing same-store sales to end 2007.
For the quarter ending Feb. 2, Sears expects to earn $2.59 to $3.48 a share, down from $5.33 in the same period a year earlier. Full-year earnings will likely be $5.13 to $5.96 a share.
Analysts are looking for $4.43 for the quarter and $6.64 for the year. Sears' stock was losing $10.67 to $85.50 in premarket trading.
The outlook came as Sears said domestic comparable-store sales for the nine weeks ended Jan. 5 fell 2.8% at Sears stores and 4.2% at Kmart locations. Total domestic same-store sales declined 3.5%. Sales dropped in most categories, notably in Sears apparel and tools categories and in Kmart's seasonal goods.
The decreases were partially offset by increased sales in home electronics at both store brands.
This article was written by a staff member of TheStreet.com.