Sears Canada 4Q earnings up 3.1%, revenues dip 6.1%
By Furniture Today Staff -- Furniture Today, January 30, 2005
Toronto — With strong performances in its home goods businesses, Sears Canada said net earnings in the 13-week period ending Jan. 1 rose 3.1% to C$99.9 million from C$96.9 million in the previous year's comparable 14-week final quarter.
Total fourth-quarter revenue dipped 6.1% to C$1.9 billion from C$2 billion in the prior period. Same-store sales on a comparable-week basis were off 1.7%.
Canada's largest single retailer and No. 2 furniture and bedding merchant said the extra week in the 2003 fourth quarter represented about C$140 million in sales.
"Home furnishings, major appliances, menswear and footwear all performed well," said President and CEO Brent Hollister. "By channel, our catalog and Internet business had a strong fourth quarter, as did Sears Home and dealer stores."
Hollister, who took up his current post after the forced departure of Mark Cohen last August, told analysts he's confident Sears Canada will grow sales by as much as 5% this year, driven in large part by the anticipated acquisition of Cantrex Group.
Total revenues for the 52-week period ended Jan. 1, 2005, were C$6.2 billion, essentially flat with the 53-week period ended Jan. 3, 2004. Same-store sales on a comparable week basis increased 1.6%.
Net earnings in the latest year, including non-comparable items, came to C$139 million, up 3.2% from the prior year's C$134.7 million.
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