Home / Knowledge / News / Apparel/Garments / Sears Canada reports 15% drop in Q3FY14 revenue
Sears Canada reports 15% drop in Q3FY14 revenue
Nov '14
NASDAQ listed, Sears Canada reported a 15 per cent drop from a year ago quarter in the third fiscal quarter ended, November 1, 2014.

In third quarter of 2014, Sears sales reached $834.5 million, down 15 per cent from $982.3 million for the 13-week period ended November 2, 2013, while same store sales dipped 9.5 per cent.

Sears Canada attributed the balance fall in revenues to sales from stores closed as a result of early termination and amendment of certain full-line store leases.

Net loss for the reporting period skyrocketed to $118.7 million or $1.16 per share as against $48.8 million or 48 cents per share for the third quarter of last year.

Sears said net loss for the third quarter of this year includes pre-tax impairment charges of $44.4 million, compared to same charges of $22.6 million for the prior year quarter.

“Also included in the net loss for the third quarter of this year was an income tax expense of $43.7 million compared to an income tax recovery of $16.7 million for the same quarter of last year,” Sears explained.

Adjusted EBITDA for the third quarter of 2014 was a loss of $19.4 million versus $7.3 million for the third quarter of 2013.

Ron Boire, acting president said, “Sears has done well at managing expenses year to date and maintaining a strong balance sheet, and we are now working at growing our top line.”

Boire added, "We are all working together to deliver the level of value and service that have made us successful for six decades while operating within an increasingly competitive retail marketplace." (AR)

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 24th Jun 2017

Applied DNA to tag cotton for 2017/18 US ginning season

Applied DNA, provider of DNA-based supply chain security,...

Apparel/Garments | On 24th Jun 2017

NPD Group launches Trend Tracker for apparel trends

Global information company the NPD Group has launched Trend Tracker,...

Textiles | On 24th Jun 2017

Cotton USA’s first innovation competition in UK ends

Cotton USA has announced the successful close to its first innovation ...

Interviews View All

Victor Chao

‘In future, clothing boundary lines will become increasingly blurred.’

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Marcel Alberts

Coating at a fibre level is a practice not usually seen in the...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Rupa Sood and Sharan Apparao

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
June 2017

June 2017

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


Browse Our Archives


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