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Sears Canada Q2 sales fall 5.3% PDF Print E-mail
Written by HGO Staff   
TORONTO (17 August 2011) - Sears Canada has reversed its fortunes after declaring a drop in sales and earnings for both the second quarter and first half of its current fiscal year, a reflection of an increasing challenged retail marketplace in Canada.

For the 13 weeks ending 30 July, Sears Canada had revenues of $1.14 billion, down 5.3% from the $1.21 billion reported for the 13 weeks ending July 31, 2010. Same store sales were off 5.8%.

The multi-channel retailer reported a net loss for the period of $2.7 million or three cents per share, reversing the comparable period's net earnings of $20.5 million or 19 cents per share.

EBITDA (earnings before interest, taxes, depreciation and amortization) fell to $26.7 million from $68.5 million for the same period of 2010.

Revenue for the first half of its current fiscal year, which also ended July 30, was $2.14 billion, compared to the $2.28 billion for 26 weeks ending July 31, 2010 - a drop of 6.2%.

Same stores sales fell 7.4% for the first half.

The net loss for the first half was $52.2 million or 50 cents per share, compared to net earnings of $11.7 million or 11 cents per share last year.

EBITDA for the first half was $1.1 million versus $103.5 million for the same period last year.

Calvin McDonald, who was named president and chief executive of Sears Canada in late June, said in a note to shareholders that the company has to turn things around.

"We are disappointed with our performance and know we have enormous potential to improve and deliver value to Canadians by delivering a more compelling customer-driven proposition," he said.  "The leadership team and I are working on longer-term initiatives planned to bring out the potential in Sears Canada to re-energize and transform the company into a more meaningful shopping choice for Canadians coast to coast."

Earlier this year, former CEO Dene Rogers indicated Sears was rolling out a number of new initiatives to capitalize on its position as one of Canada's leading furniture, mattress and appliance merchants including the rollout of Thomasville furniture brand, the addition of a luxury sleep shop and a renewed focus on its appliance brand, Kenmore.

At the end of its fiscal half, Sears Canada's network included 196 corporate stores, 280 hometown dealer stores, 32 home services showrooms, over 1,700 catalogue merchandise pick-up locations, 108 Sears Travel offices and a nationwide home maintenance, repair, and installation network. It also publishes this country's most widely circulated general merchandise catalogue and offers shopping online at www.sears.ca. It is also the owner of Cantrex, one of the largest retail buying groups in the country.

The Chicago-based Sears Holdings Corporation, owners of the Sears department store and Kmart discount store chains in the U.S., owns approximately 93% of the outstanding shares of Sears Canada.

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