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HOFFMAN ESTATES, IL—Gains in consumer electronics, women’s apparel and footwear sales failed to overcome declines in other sectors, and Sears stores reported comparable-store sales declines in the second quarter, Sears Holdings Corp. has announced. Kmart, a subsidiary, also reported declines, spread across most categories.

For the quarter, Kmart comparable store sales dropped by 3.8%. Sears’ comps decreased by 4.3%. The company currently expects net income to be between $170 million and $185 million, compared to an earlier estimated range of $160 million to $200 million. Net income for the second quarter of 2006 was $294 million. Higher markdowns, particularly in seasonal apparel, were largely offset by lower payroll and better control of shrink.

“While we recognize the housing market slowdown and other economic pressures havepresented a noticeable headwind to the business, we are disappointed withour second-quarter results,” said Aylwin Lewis, Sears Holdings CEO. “We will work hard to improve our financial performance going forward.” The corporation has approximately 3,800 full-line and specialty retail stores in the United States and Canada.

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