Net earnings for the 14-week fourth quarter this year were $39.9 million or 39 cents per share versus $41.0 million or 39 cents per share for the 13-week fourth quarter of the prior year. Included in the net earnings for the fourth quarter this year were pre-tax gains of $21.1 million related to a voluntary buyout program concerning post-retirement benefits and $8.6 million related to the sale of a joint venture interest, and a pre-tax charge of $12.6 million related to Transformation expenses.
Included in net earnings for the fourth quarter last year was a pre-tax charge of $14.4 million related to Transformation expenses. Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) for the 14-week period ended February 2, 2013 was $62.4 million versus $101.8 million for the 13-week period ended January 28, 2012.
Total revenues for the 53-week period ended February 2, 2013 were $4,300.7 million versus $4,619.3 million for the 52-week period ended January 28, 2012, a decrease of 6.9%. Same store sales for the year decreased 5.6%. Net earnings for the year ended February 2, 2013 were $101.2 million or 99 cents per share versus a net loss of $50.3 million or 48 cents per share for the 52-week period ended January 28, 2012.
Included in net earnings for the year this year was a pre-tax gain of $167.1 million related to lease terminations and a charge of $12.6 million related to Transformation expenses. Included in the net loss for the year last year was a charge of $60.0 million related to Transformation expenses. Adjusted EBITDA for the 53-week period ended February 2, 2013 was $47.0 million versus $124.0 million for the 52-week period ended January 28, 2012.
Commenting on the fourth quarter, Calvin McDonald, President and Chief Executive Officer, Sears Canada Inc., said, "Although sales were lower than last year, our same store sales performance in the fourth quarter improved over the three prior quarters. Home electronics and Craftsman, which includes snowblowers and hardware, contributed to the majority of our sales decline.
“Though the positive sales trend in major appliances slowed, we continued to add market share. Of particular note was the positive same store sales growth of our apparel and accessories business in the quarter compared to the fourth quarter last year. Inventory quality at the end of the quarter improved compared to the same time last year, as a result of a significant reduction in out-of-season inventory."
Textiles | On 25th Oct 2016
Leading apparel brand Fila Korea is planning to establish an apparel...
Textiles | On 25th Oct 2016
The powerloom sector in Pakistan is undergoing serious crisis and is...
Textiles | On 24th Oct 2016
The Indian government has planned to conduct roadshows to boost the...
‘There is huge demand in the Indian lingerie market for non-wired styles.’
Bridalwear is not about reds and whites anymore
Indo Count Retail Ventures
Today, there is no other emerging market as India, "we make in India and...
Iago Castro Asensio
RCfil Distribuciones S.L.
Iago Castro Asensio, International Business Manager of RCfil...
InvestKonsult Sweden AB
Investkonsult Sweden AB has been buying and selling second-hand textile...
Nature Works LLC
Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...
Sonam and Paras Modi's Sva Couture is synonymous with head-turning...
"You have to truly understand what your client wants, know her needs, what ...
Gildan Activewear SRL
Gildan Activewear, a manufacturer and marketer of branded clothing and...
Apparel/Garments | On 21st Oct 2016