Updated from 8:55 a.m. ET
said same-store sales in December fell 1.1% from the same period last year, and the retailer also announced plans to close 89 stores, which will reportedly eliminate 2,400 jobs.
Sears said the closing of underperforming stores, which includes 53 NTB auto parts stores, 30 hardware stores and four full-line stores, will take place in the first quarter. The resulting job cuts would eliminate less than 1% of its 315,000-employee work force.
Analysts polled by
First Call/Thomson Financial
were expecting the Hoffman Estates, Ill., company to post same-store sales growth of 0.4%. Total domestic store revenue of $4.42 billion for the five-week period fell 0.1% from $4.43 billion in the year-ago period.
The company also said it will take fourth-quarter pretax charges of $150 million related to asset write-downs, severance and other costs. Additionally, Sears will record a $115 million charge related to its pest control business, a noncore operation for which it is evaluating strategic options.
Shares of Sears closed at $36.43, up 40 cents, or 1.1% in trading on the
New York Stock Exchange