Home / Knowledge / News / Apparel/Garments / Same stores sales decline 6.8% at Sears Canada in Q2FY15
Same stores sales decline 6.8% at Sears Canada in Q2FY15
23
Aug '14
As a result of same stores sales declining 6.8 percent, combining with closure of a few stores, overall revenue at retailer Sears Canada Inc. declined 11.9 percent year-on-year in the 13-week period ended August 2, 2014.

In the second fiscal quarter of 2014, sales at Sears totalled $845.8 million compared to $960.1 million for the 13-week period ended August 3, 2013, down 11.9 percent, while same store sales declined 6.8 percent.

“The balance of the decrease in revenues was primarily attributable to revenues from stores closed as a result of early termination and amendment of certain full-line store leases and the sale of joint arrangement interests in fiscal 2013”, Sears said.

The net loss for the second quarter of this year plunged to $21.3 million or 21 cents per share compared to net earnings of $152.8 million or $1.50 per share for the second quarter of last year.

Included in the net loss for the second quarter of this year were pre-tax transformation expenses of $7.9 million related primarily to severance costs incurred during the quarter, pre-tax asset impairment charges of $18.3 million as well as pre-tax gains of $20.5 million related to the sale of its interest in certain joint arrangements and $11.4 million related to the settlement of certain retirement benefits, Sears informed.

Sears Canada reported adjusted EBITDA for the second quarter of 2014 of $16.1 million compared to an adjusted EBITDA of $20.2 million for the second quarter of 2013.

"Although our same store sales declined this quarter, in part due to an unseasonably cool spring, we continued to make significant progress establishing the retail fundamentals that are necessary to support our business in the long-term," said Douglas Campbell, CEO at Sears Canada.

"We took aggressive markdowns to clear aged inventory and surplus spring merchandise, and ended the quarter with 20% less spring/summer inventory than last year. Additionally, we continued to proactively reduce expenses, which we did by 13.3 percent”, he informed.

Fibre2fashion News Desk - India


Must ReadView All

Courtesy: Michael Kors

Fashion | On 25th Jul 2017

Michael Kors to acquire Jimmy Choo

Global fashion luxury brand Michael Kors Holdings Limited has reached ...

Apparel/Garments | On 25th Jul 2017

VF Corp posts $2.4 billion revenue for Q2 2017

VF Corporation has recorded revenue of $2.4 billion, up 2 per cent,...

Textiles | On 25th Jul 2017

Egypt signs agreement with UNIDO for cotton production

Egypt has signed a €1.5 million ($1.74 million) cooperation agreement ...

Interviews View All

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

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

July 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


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



X