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Sears Canada Chief disappointed with Q2 performance
17
Aug '11
Sears Canada Inc announced its unaudited second quarter results. Total revenues for the 13-week period ended July 30, 2011 were $1.148 billion compared to $1.212 billion for the 13 weeks ended July 31, 2010, a decrease of 5.3%. Same store sales decreased 5.8%.

Operating EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) for the quarter this year was $26.7 million versus $68.5 million in the same 13-week period last year. There was a net loss for the second quarter of $2.7 million or 3 cents per share compared to net earnings of $20.5 million or 19 cents per share in the second quarter last year. Operating EBITDA is a non-IFRS measure; please refer to the table attached for a reconciliation of net earnings to Operating EBITDA.

Total revenues for the 26-week period ended July 30, 2011 were $2.140 billion compared to $2.281 billion for the 26-week period last year, which ended July 31, 2010, a decrease of 6.2%. Same store sales decreased 7.4%.

Operating EBITDA for the first half of the year was $1.1 million versus $103.5 million for the same period last year. The Company experienced a net loss for the 26 weeks ended July 30, 2011 of $52.2 million or 50 cents per share compared to net earnings of $11.7 million or 11 cents per share for the same 26-week period last year.

Commenting on the second quarter and first half, Calvin McDonald, President and Chief Executive Officer, Sears Canada Inc. said, "We are disappointed with our performance and know we have enormous potential to improve and deliver value to Canadians by delivering a more compelling customer-driven proposition. The leadership team and I are working on longer-term initiatives planned to bring out the potential in Sears Canada to re-energize and transform the Company into a more meaningful shopping choice for Canadians coast to coast."

Sears Canada is a multi-channel retailer with a network that includes 196 corporate stores, 280 hometown dealer stores, 32 home services showrooms, over 1,700 catalogue merchandise pick-up locations, 108 Sears Travel offices and a nationwide home maintenance, repair, and installation network.

Sears Canada Inc

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