Filed under: Before the bell, Earnings reports, Sears Holdings (SHLD)

Sears Holdings Corporation (NASDAQ: SHLD)’s profit plunged 99% to $2 million or a penny per share from $196 million, $1.27 a share, as sales declined and margins plummeted. (Excluding one time gains, income in the same quarter last year was 85 cents per share).

Sales for the quarter slipped 3% to $11.5 billion from $11.9 billion in the fiscal 2006 period.

The results widely missed the 50 cents per share consensus estimate of analysts surveyed by Thomson Financial.

Moreover, Sears also warned it expects difficult economic conditions to persist in the near-term, affecting sales and gross margin through the rest of the year.

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