Sears Canada revenues up 3.8% in first quarter
By Furniture Today Staff -- Furniture Today, April 22, 2004
TORONTO — Sears Canada said total revenues in its first quarter ended April 3 increased 3.8% to C$1.33 billion from C$1.28 billion in the same period last year. Same-store sales grew 8.1%.
Net earnings, before non-comparable items, were C$9.5 million, a 33.8% advance over last year's C$7.1 million. Including non-comparable items, net earnings rose to C$18.4 million, compared with C$11.4 million last year.
"We are very pleased with our results in the quarter," said Mark Cohen, chairman and CEO. "Our sales performance has been very strong. Our same-store sales have increased in six of the last eight months. Sales in the first quarter were particularly strong in major appliances, furniture, cosmetics, jewelry and children's wear.
"Our expense and inventory management remains rigorous, which allowed us to significantly improve our earnings performance in the quarter."
He said Sears Canada's full-year guidance remains unchanged, with earnings gains in the midteens before non-comparable items.
Sears, this country's largest furniture and bedding retailer, will open as many as five Sears Home stores this year, but not until the fourth quarter. It also will test a standalone sleep shop concept.
| • Sears Canada(a) | |||
|---|---|---|---|
| Earnings per share are fully diluted. | |||
| 13 weeks ended 4/3 | 2004 | 2003 | Change |
| (a) In Canadian dollars. (b) Includes a C$10.1 million pretax charge related auto center operations, a C$14.6 million pretax gain on the sale of real estate join venture and a C$6 million pretax restructuring charge. (c) Based on average shares outstanding of 107.2 million in the 2004 quarter and 107.1 million in the 2003 quarter. |
|||
| Revenues | C$1,330,700,000 | C$1,281,900,000 | 3.8% |
| Operating income | 78,700,000 | 74,000,000 | 6.4% |
| Net income | (b)18,400,000 | 11,400,000 | 61.4% |
| Earnings per share (c) | 0.17 | 0.11 | 54.5% |
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Sears Canada’s 1Q earnings plummet 85%
Jun 8, 2009 -
Sears Canada earnings jump 66.1%
Aug 20, 2006 -
Sears Canada sales slip, profits dip 16.3%
May 15, 2005 -
Sears Canada revenues up 4.5%
Nov 7, 2004
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