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Hoffman Estates, Ill. Sears Holdings Corp. revealed to investors on Monday that it is lowering its 4Q profit estimates, posting earnings below Wall Street forecasts as eroding sales push its profit down as much as 57%.
The retailer said it expects to earn between $350 million and $470 million for the quarter ending Feb. 2. Sears earned $820 million in the fourth quarter a year earlier.
Sears blamed growing competition, a slowdown in the housing market and consumers' credit fears for slumping sales figures. The company said its domestic same-store sales dipped 3.5% during the nine-week holiday season because of poor performance in Kmart's seasonal categories and Sears' apparel and tools.