Sears Canada earnings rise sharply
Company changes fiscal year dates
Michael J. Knell -- Furniture Today, May 29, 2008
TORONTO — Improved inventory management and solid performances by many of its non-retail businesses gave Sears Canada much improved sales and earnings for the first quarter of its new fiscal year.
Revenue of C$1.25 billion for the 13 weeks ended May 3 was up 2.9% from the 13-week period ended March 31, 2007, the first quarter under its previous fiscal calendar. However, same store sales for the 13-week period ending May 3 decreased 1.9% from the 13-week period ended May 5, 2007.
Earlier this year, Sears Canada modified its fiscal year to coincide with that of its largest single shareholder, U.S. based retailer Sears, Roebuck & Co. The fiscal year will now end on the Saturday closest to the end of January.
Net earnings for the quarter, excluding unusual items, were C$34.8 million or 33 cents per share compared with C$5 million or 4 cents per share in the 2007 first quarter. Net earnings for the quarter, including unusual items, were C$63.1 million or 59 cents per share, up from C$14.3 million or 13 cents per share.
Earnings before interest, taxes, depreciation and amortization, before unusual items, increased to C$83.1 million this year from C$52.2 million in the first quarter of last year. Compared to the similar 13-week period of 2007 (ended April 28), operating EBITDA before unusual items increased by 16.1% to C$83.1 million, the company said.
“A longer winter with more snow and colder weather in many parts of the country than last year together with an early Easter adversely affected sales of seasonal products,” Sears Canada President and CEO Dene Rogers said in a statement. “Better management of inventory and solid performances in many non-retail businesses enabled us to deliver a significant improvement in results.”
Sears Canada’s non-retail businesses include Sears Line Holdings, a trucking company, and Cantrex Group, a buying and marketing group serving independent retailers.
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