Sears Holdings Corp. (NASDAQ: SHLD) said Thursday it expects its fourth-quarter adjusted profit to be above last year's results due to stronger sales at its Kmart chain, according to Associated Press.
On Thursday, Sears predicted a fourth-quarter profit between $385 million and $465 million, $3.36 to $4.06 per share, for the period that will end Jan. 30. Those figures exclude the impact of store closings, impairment and restructuring charges and gains and losses on hedge transactions.
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Sears' forecast is sharply above the $2.65 per share expected by analysts surveyed by Thomson Reuters. Those estimates generally exclude one-time items.
During the same period last year, Sears' adjusted profit was $360 million, or $2.94 per share. That figure excluded one-time items, which often vary quarter to quarter.
For the full year, Sears anticipates an adjusted profit between $190 million and $270 million, or $1.61 per share to $2.29 per share, excluding one-time items.
Analysts expect a full-year profit of $1.10 per share. Last year, Sears' adjusted profit amounted to $215 million, or $1.69 per share.
The company reported a 0.4 percent rise in sales at stores open at least a year for the period ended Jan. 2. It was largely helped by a 5.3 percent increase in sales at Kmart stores open at least a year.
Sears shares climbed $11.26, or 12.7 percent, to $100.13 in morning trading Wednesday. Its shares reached a 52-week high of $101.85.
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