Sears sees FY17 net income $185M-$285M
"The retail environment remained challenging with continued softness in store traffic and elevated price competition. Since the beginning of the fiscal year, comparable store sales at Sears and Kmart declined 11.9% on a combined basis, 10.8% when excluding consumer electronics, compared to the prior-year period. Despite the softness in our retail channels, our Home Services business continued to perform well and we believe it is positioned for continued growth for the balance of the year. As a result of the Craftsman transaction and the sale of certain real estate properties, the Company expects to report positive net income for the first quarter of 2017. We currently expect that our first quarter 2017 net income attributable to Sears Holdings' shareholders will range between $185M and $285M, which excludes the impact of any additional store closure announcements, real estate sales or impairments. In addition, we currently expect our first quarter 2017 Adjusted EBITDA will range between ($230M) and ($190M), compared to Adjusted EBITDA of ($181M) in the first quarter of 2016. The company continues to focus on reducing inventory and operating expenses, and is taking incremental actions to improve its performance as outlined above."