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Sears shares plunge after hours on slower sales, forecast for major losses

Sears shares fell in extended trading after the retailer reported a sales drop and forecast a major loss.

The struggling retailer says that it expects an adjusted loss between $213 million and $316 million, or $2.01 to $2.98 per share, for its fourth quarter. For the year, it sees an adjusted loss between $811 million and $914 million, or $7.64 to $8.61 per share.

The owner of the Kmart and Sears chains also says that its revenue from stores open at least a year fell 7.4 percent for the quarter to date in the U.S. and 4.4 percent for Sears Canada. This is a key measure as it strips away the impact of recently opened or closed stores.

Sears Holding Corp. shares fell 13 percent after hours to $36.98.

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