It doesn't break out profits by product segment, but its gross margin rate is declining.

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Sears Holdings saw its gross margin rate increase 130 basis points for the fourth quarter of 2012 and 90 basis points for the year from the comparable prior year periods.

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"We believe gross margin will continue to fall at a similar rate given the higher price of scrap silicon which we have confirmed in our recent trip to China, " Pichel said.

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It shows a comparable gross margin, but has higher expenses, half the growth rate in revenue and scant expansion in square footage. (The Gap, with half of Kmart's revenue, flaunts 40% gross margins and earns twice as much money.) Costco does compete well with Sam's Club, the slower growing, warehouse-style branch of Wal-Mart.

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Summers said gross margin improvements did not grow "meaningfully" along with the rate of generic sales, and believes it will slow down as the generic sales cycle rolls off.

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