Sears CEO to Step Down in February

Published January 07, 2013

| Reuters

Sears Holdings Corp said Chief Executive Louis D'Ambrosio will step down for family health reasons, while the retailer also reported a 1.8% decline in quarter-to-date sales at stores open at least a year.

Edward Lampert will assume the role of Sears CEO in addition to his current role as chairman, Sears said in a statement late on Monday. D'Ambrosio became the chief executive in February 2011.

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 affiliate Kmart, the company said.

Kmart recorded a 3.8% fall in comparable-store sales for the nine-week period. Kmart's quarter-to-date comparable-store sales decline reflects a significant decline in consumer electronics, besides weak sales in the pharmacy, grocery and household and drug categories.

Reported net loss attributable to Sears Holdings' shareholders for the quarter ending Feb. 2, 2013 will be between $280 million and $360 million, or between $2.64 and $3.40 loss per share, the company said.

Excluding items, net income is expected to be between $132 million and $212 million, or between $1.25 and $2 per share.

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