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Q2 loss widens for Sears Canada PDF Print E-mail
Written by HGO Staff   

TORONTO (16 August 2012) - Despite upticks in its major appliance and mattress business, Sears Canada said its second quarter losses widened as sales continued to fall.

For the 13 weeks that ended July 28, 2012, Sears Canada reported total revenue of $1.05 billion, a decrease of 8.5% from the $1.15 billion for period ending July 30, 2011. Same store sales fell 7.1%.

The net loss was for the second quarter of its current fiscal year was $9.8 million or 10 cents per share compared to a net loss of $0.2 million or nil earnings per share for the comparable period last year.

Total revenues for the 26-week period that also ended July 28, 2012 were $1.97 billion compared to $2.14 billion first half of the previous fiscal year, which ended July 30, 2011 - a decree of 8.2%. Same store sales were down 6.7%  for the current year-to-date.

However, net earnings for the first half of 2012 were $83.2 million or 81 cents per share compared to a net loss of $47.2 million or 45 cents per share for the comparable period.

Earnings for the year-to-date were driven by a pre-tax gain of $164.3 million, resulting from the early surrender of leases on three downtown store properties - in the Vancouver Pacific Centre, the Calgary Chinook Centre and the Ottawa Rideau Centre - back to their owner, Cadillac Fairview Corporation.

"While we are not pleased with our quarterly sales results, we continued to implement key transformation initiatives," Calvin McDonald, Sears Canada president and chief executive officer said in a statement.

He noted the results from the four Ontario stores that were re-opened after refurbishing were encouraging and the company is exploring other possible locations for a similar treatment. Sears also saw sales upticks of regularly priced merchandise in the Monday to Friday periods, which McDonald attributed to the new pricing strategy rolled out this past February.

"We had sales increases in major appliances and mattresses, two core hero categories which we have identified as key to our success," he continued. "In fact, sales following the opening of our new Sears Home location in Ottawa, the largest Sears Home store in the country, exceeded our expectations and the Sears Home format experienced year over year sales increases."

Earlier this year, Sears Holdings - which owns 92% of Sears Canada - announced it would divest itself of almost half of its interest in the multi-channel retailer, although no new investor has been announced.

At the end of the quarter, the company operated a network of 197 corporate stores, 276 hometown dealer stores, 20 home services showrooms, over 1,500 catalogue and online merchandise pick-up locations as well as 104 Sears Travel offices and a nationwide home maintenance, repair, and installation network. It also publishes Canada's most widely circulated general merchandise catalogue and offers shopping online at www.sears.ca.

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Picture of the Day
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Marlaine (far left) and Eric Bennett, owners of Bennett’s Home Furnishings are seen here accepting their award as the leading multi-store Comfort Studio dealer in North America in 2013 from Bob Ireland, vice present of La-Z-Boy Canada. Looking on (at right) are Jasmine Bennett and Tyler Steeves. Click here for our report.


 

 

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