TORONTO (1 May 2012) - Later this month, Sears Canada will report same store sales declined 6.2% in the first quarter of its current fiscal year, its parent company said in its own first quarter report to shareholders which was published earlier today.

In its own statement, Sears Canada said it "acknowledges" the release by Sears Holdings Corporation, its Chicago-based parent. In addition to Sears Canada, the latter operates Sears and Kmart stores in the United States.

Sears Canada also noted its financial reports are prepared under the International Financial Reporting Standard (IFRS) while those of Sears Holdings are prepared under the United States Generally Accepted Accounting Principles (U.S. GAAP).

Sears Canada expects to issue its first quarter results on May 16.

Sears Holding said net income for the first quarter of its current fiscal year, which ended April 28, 2012, will be between US$155 million and $195 million (between US$1.46 and US$1.84 per diluted share, reversing a net loss of US$165 million or US$1.53 per diluted share for the same period of 2011.

The estimated range for net income includes an after-tax gain of US$235 million from the sale of certain U.S. and Canadian stores.

Sears Holding also said same store sales for Sears' stores in the U.S. fell 1.0% while Kmart's fell 1.6%.

Sears in the U.S. saw double-digit increases in apparel and footwear, offset by high single-digit declines in appliances and a double-digit decline in consumer electronics.

Sears Holding attributed the 6.2% decline in same store sales by Sears Canada to sales decreases in electronics, home décor, hardware and apparel, which were partially offset by increases in major appliances and mattresses.

In addition, Sears Canada, a consolidated, 95%-owned subsidiary of Sears, completed its transaction with The Cadillac Fairview Corporation Limited to surrender and early terminate the leases on three properties for C$170 million in cash on April 20, 2012. It also sold the Montreal-based Cantrex, its buying group for independent retailers last week. However, that transaction has not closed.