Sears reports operating EBITDA rise in Q4

28 Feb '08

3 min read

Sears Canada Inc announced its unaudited fourth quarter and full-year results. Due to the previously announced change in the Company's fiscal year end from the Saturday closest to the end of December to the Saturday closest to the end of January, the opening portion of this fourth quarter news release includes the 18-week period and 57-week period ending February 2, 2008 compared to the 13-week period and 52-week period ending December 30, 2006.

To aid in understanding the results for fiscal 2007, additional information is provided for the 13-week period and 52-week period ending December 29, 2007 (the "comparable period").

Total revenues for the 18-week period ended February 2, 2008 were $2.296 billion compared to $1.874 billion for the 13 weeks ended December 30, 2006. Operating EBITDA for the period was $259.2 million, an increase of $59.9 million or 30.1% over the 13-week period last year. Net earnings for the period, which include unusual items, totalled $138.4 million or $1.29 per share, compared to $108.5 million or $1.01 per share last year.

Total revenues for the 13-week comparable period ended December 29, 2007 decreased 3.4%. Same store sales decreased by 2.4% compared to the same period last year. For this comparable period, as a percentage to total revenues, gross margins increased by 159 basis points and expenses were flat to last year. The resulting operating EBITDA exceeded 2006 by more than $21 million, an increase of 10.9%. Netearnings for this comparable period increased 8.5% compared to the same period last year.

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