Sears Holdings Corp., the department-store chain majority-owned by Edward Lampert, fell the most in almost a year in Nasdaq trading after saying sales at stores open at least a year declined 3.6 percent last quarter.
Sales dropped 5.2 percent at the Sears chain and 1.6 percent at Kmart stores in the quarter ended April 30, the Hoffman Estates, Illinois-based company said yesterday in a statement. Appliances led declines after customers took advantage of rebate programs a year earlier, Sears said.
Sears, which named Lou D’Ambrosio chief executive officer about two months ago, is scheduled to hold its annual shareholder meeting today in Illinois. The chain has lost customers to discounters such as Wal-Mart Stores Inc. and Target Corp. as shoppers seek to stay on budget.
Sears fell $8.44, or 10 percent, to $75.74 at 9:34 a.m. New York time on the Nasdaq Stock Market. The drop was the most since May 20, 2010.
The company also forecast a loss of $1.35 to $1.81 for the first quarter, compared with the 3-cent profit predicted on average by analysts surveyed by Bloomberg.
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