The prior year's fourth quarter pro forma results include $35 million of pretax gains ($22 million after-tax) on the sale of assets.
The expected results are preliminary and subject to change based on actual performance in January, as well as year-end adjustments.
Holdings currently expects to end the fiscal year with over $3.5 billion in cash excluding Sears Canada.
The expected results and cash balance indicated do not give effect to any share repurchase activity after December 31, 2005.
Holdings expects to release its fourth quarter and full-year financial results on or about March 15, 2006 and does not intend to update this information prior to that date.
Currently, Holdings has no plans to close stores other than in the ordinary course of business, primarily as a result of lease expirations or terminations.
Sears Canada completed the sale of its credit business in the fourth quarter.
The $680 million pretax gain on the sale is expected to be recognized as a component of purchase accounting relating to the merger of Sears Roebuck and Kmart and as such would not affect earnings in the fourth quarter.
During the nine weeks ended December 31, 2005, Holdings repurchased approximately 826,000 shares of its common stock at an average price of $115.43 per share.
The remaining authority under Holdings' existing repurchase program is $471 million.
The results of Sears Canada are reported to Holdings on a one-month lag basis.
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