Sears' same-store sales at its namesake chain dropped a staggering 18.1% — the worst drop in recent history — over the holiday period.
Sears posted a staggering drop in same-store sales over the holiday period, but is expecting to turn a profit for the quarter.
Same-store sales, or sales at stores open at least a year, dropped 15.6% during the fourth quarter, including a 12.2% drop at Kmart and an 18.1% drop at Sears, the company said in a regulatory filing on Thursday.
The 18.1% decline is the worst same-store sales drop in history for Sears' namesake stores.
The company said it expects revenue to be $4.4 billion for the quarter, a drop from $6.1 billion in revenue the previous year.
Sears is expecting to turn a profit, however, of between $140 million to $240 million. Sears said it expects to benefit somewhere between $445 million and $495 million from the new tax law.
The company said closing unprofitable stores has had a "meaningful improvement" in its overall performance.
Sears' shares soared more than 16% in Thursday afternoon trading.