NEW YORK (CNN/Money) - Sears Roebuck & Co. warned Monday that third-quarter results will fall short of estimates, in part because of the effects of acquiring catalog retailer Lands' End Inc. earlier this year.

Sears now expects third-quarter earnings of 80 to 82 cents a share, compared with 80 cents a year earlier. Analysts polled by earnings tracker First Call were expecting 86 cents a share.

Sears (S: down $3.93 to $33.71, Research, Estimates) shares tumbled 9 percent Monday following the lower guidance.

Hoffman Estates, Ill.-based Sears also reaffirmed its 2002 outlook for $5.15 a share, a 22 percent increase from the previous year. The company is scheduled to report third-quarter earnings on Oct. 17.

During a conference call with Wall Street analysts Monday, CEO Alan Lacy also said his decision last week to replace Kevin Keleghan as executive vice president and president of credit and financial products with Paul Liska, Sears' chief financial officer, was related to a personal issue and was not performance-related.

"Kevin left the company at my request because I lost confidence in his personal credibility," Lacy told analysts. "His departure is not related to business performance and does not constitute a change in credit strategy."

Glenn Richter has been promoted to the CFO spot, Sears said late Friday.

Sears has been struggling all year with declining sales at stores open at least a year as it repositions its business with a stronger emphasis on appliances, hardware and other goods. The company is also trying to weed out less profitable clothing and introducing its proprietary Covington brand, as well as incorporating Lands' End into its business.

Sears announced May 13 that it was buying Lands' End and that it would begin offering many of the catalog retailer's products in its stores. The rollout of Lands' End merchandise is scheduled to begin in November, the company has said.

Sears faces growing pressure from discount chains such as Wal-Mart and Target, and from moderate-priced department stores such as Kohl's Corp., that often offer lower prices and a better shopping experience, Lacy as well as industry analysts have said.

During Monday's call, Lacy also cautioned that the uncertain economy, concern about a war with Iraq and the potential for a protracted lockout of West Coast ports prompted Sears to raise its reserve for delinquent credit payments.

As a result, the company lowered its earnings expectations for the credit business, which accounts for 60 percent of the company's total operating earnings.

"We knew that this would be our toughest quarter as we reached the height of our reposition efforts," Lacy said. "This is a difficult environment with the possibility of war with Iraq and the West coast port lockout challenges we face in the critical holiday season."