Sears Canada to restate 2004, 2003 earnings
By Furniture Today Staff -- Furniture Today, February 20, 2005
Toronto — Sears Canada said last week it expects to restate its 2004 and 2003 earnings to correct an accounting error, reducing each year's net income by about C$10 million.
All told, the company expects a reduction of C$39 million to C$42 million in cumulative net earnings for 2004 and earlier years as it changes its accounting for lease incentives and other allowances from its landlords.
In unaudited results reported three weeks ago, Sears Canada said it earned C$139 million on revenue of C$6.2 billion in the 52 weeks ended Jan. 1.
The company said it is reviewing its accounting for lease allowances to bring its practice in line with recently announced changes in other companies' interpretation of accounting principles. It expects to submit audited financial statements within the normal filing deadline.
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