Home / Knowledge / News / Apparel/Garments / Sears Canada FY'14 revenues drop 8.2%
Sears Canada FY'14 revenues drop 8.2%
03
Mar '14
Sears Canada Inc. announced its unaudited fourth quarter and full-year results. Total revenues for the 13-week period ended February 1, 2014 were $1,182.3 million versus $1,307.2 million for the 14-week period ended February 2, 2013, a decrease of 9.6%.  Same store sales for the quarter, including an adjustment for the extra week last year, decreased 6.4%. 
 
Total revenues for the 52-week period ended February 1, 2014 were $3,991.8 million versus $4,346.5 million for the 53-week period ended February 2, 2013, a decrease of 8.2%.  Same store sales for the year, including an adjustment for the extra week last year, decreased 2.7%.
 
Net earnings for the 13-week fourth quarter this year were $373.7 million or $3.67 per share versus $39.9 million or 39 cents per share for the 14-week fourth quarter of the prior year. 
 
Included in net earnings for the fourth quarter this year were pre-tax gains of $391.5 million related to early lease terminations and amendments, $66.3 million related to the sale of the Company's interest in certain real estate joint arrangements and $42.5 million related to amendments to post-retirement benefits. 
 
Also included in net earnings were pre-tax transformation expenses of $51.2 million, related primarily to severance costs incurred during the quarter. In the fourth quarter last year, there were pre-tax gains of$8.6 million related to the sale of the Company's interest in a real estate joint arrangement and $21.1 million related to the settlement of certain post-retirement benefits. 
 
There were also pre-tax transformation expenses of $12.6 millionrelated primarily to severance costs. Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) for the 13-week period ended February 1, 2014 was $18.0 million versus $67.5 million for the 14-week period ended February 2, 2013.
 
Net earnings for the year ended February 1, 2014 were $446.5 million or $4.38 per share versus $101.2 million or 99 cents per share for the 53-week period ended February 2, 2013.  
 
Included in net earnings this year were pre-tax gains of $577.2 million related to early lease terminations and amendments, $66.3 million related to the sale of the Company's interest in certain real estate joint arrangements, and $42.5 million related to amendments to post- retirement benefits. 
 
Also included in net earnings were pre-tax transformation expenses of $72.9 million, related primarily to severance costs incurred during the year. Included in net earnings last year were pre-tax gains of $167.1 million related to early lease terminations and amendments, $8.6 million related to the sale of an interest in a joint arrangement, and $21.1 million related to the settlementof certain post-retirement benefits. 
 
Click here to view full results.

Sears Canada


Must ReadView All

Textiles | On 23rd Jun 2017

Ralph Lauren ex-president Tiger of Sweden's new CEO

Hans-Christian Meyer, former president of Ralph Lauren Corporation,...

Apparel/Garments | On 23rd Jun 2017

Uware Brands into licensing agreement with Polaroid

Uware Brands has entered into a licensing agreement with Polaroid for ...

Textiles | On 23rd Jun 2017

Casper raises total funding of $240 million

Casper, the global sleep company launched three years ago has...

Interviews View All

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search