Sears Canada posts C$37.8M profit
Reverses loss of a year ago
Michael J. Knell -- Furniture Today, October 27, 2006
TORONTO — Sears Canada, which U.S.-based Sears Holding is still targeting to take private, reported a third-quarter profit of C$37.8 million, reversing a loss of C$37.4 million for the same period a year ago.
Total revenue for the 13 weeks ended Sept. 30 came to C$1.4 billion, off 5.2% from a year ago. The company said the decrease mainly was due to the sale of its credit and financial services division in the fourth quarter of 2005.
Same-store sales improved 1.2% in the quarter, which was attributed to moving some key promotional events from the fourth quarter of 2005 to the third quarter of 2006 for “strategic reasons.”
Gross margins for the quarter increased by 250 basis points from a year ago, which the company said was the result of a stronger apparel sales and improved inventory management.
“We are pleased with the same store sales, productivity improvements and expense reductions in the third quarter. Yet, we realize the annual performance is highly dependent on the fourth quarter, in which more than 40% of earnings are generated,” said Dene Rogers, acting president of Sears Canada.
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