May 1, 2012 / 10:45 AM / 6 years ago

Sears sees same-store sales down in first quarter

May 1 (Reuters) - Sears Holdings Corp on Tuesday forecast a 1.3 percent drop in quarterly sales at stores open at least a year, citing weak demand for electronic items at its namesake department stores and its Kmart discount chain.

The company, which will hold its annual shareholder meeting on Wednesday, sees same-store sales dropping 1.6 percent at its Kmart unit and 1 percent at its namesake department stores in the United States.

Its Canadian arm, Sears Canada, also expects to report a same-store sales decline of 6.2 percent for the first quarter ended April 28, mainly due to weak demand for electronics, home decor, hardware and apparel.

Sears sees net income between $155 million and $195 million, or $1.46 to $1.84 a share, in the quarter, compared with a year-earlier net loss of $165 million, or $1.53 a share.

The first-quarter profit outlook includes about $235 million of gains from the sale of certain U.S. and Canadian stores, the company said.

Sears will report its first-quarter results around May 17, it said in a statement on Tuesday.

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