Executives attribute Kmart's fall to lower sales transaction volumes, while the Sears dip occurred due to a drop in appliance sales and increased competition, though management says children's apparel performed well.
The first quarter's same-store sales results were in contrast to those in the fourth quarter, when Kmart only fell 0.7%, and Sears fell 4.9%. Apparel and pharmacy sales helped Kmart in that period, while Sears suffered setbacks in a number of categories.
For the first quarter, management expects net income to come in between $230 million and $235 million, up from $180 million during the same year-ago period. The increase this year is due to a combination of legal settlements, insurance recoveries, changes in benefits programs and other factors.
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