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Sears reports operating EBITDA rise in Q4
28 Feb '08
3 min read
Commenting on the fourth quarter, Dene Rogers, President and Chief Executive Officer, Sears Canada Inc., said, "Our results are strong and we were able to offset the impact of cross-border shopping in the U.S. in the first half of the quarter; our associates met the challenges before them and provided our customers with exceptional value throughout the holiday shopping season."
Same store sales in the second half of the year ended December 29, 2007 decreased 2.9% as compared to the same period last year whereas same store sales in the first half of the year increased 1.9% compared to the same period last year. The sales in the second half were impacted by the strong Canadian dollar which caused a significant increase in cross-border shopping in the U.S.
Total revenues for the full 57-week year ended February 2, 2008 were $6.326 billion compared to $5.933 billion for the 52-week period ended December 30, 2006. Operating EBITDA for the full 57-week year was $542.6 million, an increase of $78.1 million or 16.8% over the 52-week period last year. Net earnings for the full year,were $308.5 million or $2.87 per share, compared to $152.6 million or $1.42 per share last year.
Total revenues for the 52-week comparable period ended December 29, 2007 decreased 1.5%. Same store sales decreased 0.8% compared to the same period last year. Margins increased 65 basis points and expenses reduced by 17 basis points, resulting in an operating EBITDA increase of $39.9 million or 8.6%. Net earnings for this comparable period increased 88.6% compared to the same period last year.
"We had a strong performance in 2007, being able to significantly increase our profitability over 2006," commented Mr. Rogers on the 2007 results. "I thank our 37,000 associates who have given their best to improve our financial results this year, and who continue to improve our customers' lives by providing quality services, products and solutions that earn their trust and build lifetime relationships."
Same store sales in the second half of the year ended December 29, 2007 decreased 2.9% as compared to the same period last year whereas same store sales in the first half of the year increased 1.9% compared to the same period last year. The sales in the second half were impacted by the strong Canadian dollar which caused a significant increase in cross-border shopping in the U.S.
Total revenues for the full 57-week year ended February 2, 2008 were $6.326 billion compared to $5.933 billion for the 52-week period ended December 30, 2006. Operating EBITDA for the full 57-week year was $542.6 million, an increase of $78.1 million or 16.8% over the 52-week period last year. Net earnings for the full year,were $308.5 million or $2.87 per share, compared to $152.6 million or $1.42 per share last year.
Total revenues for the 52-week comparable period ended December 29, 2007 decreased 1.5%. Same store sales decreased 0.8% compared to the same period last year. Margins increased 65 basis points and expenses reduced by 17 basis points, resulting in an operating EBITDA increase of $39.9 million or 8.6%. Net earnings for this comparable period increased 88.6% compared to the same period last year.
"We had a strong performance in 2007, being able to significantly increase our profitability over 2006," commented Mr. Rogers on the 2007 results. "I thank our 37,000 associates who have given their best to improve our financial results this year, and who continue to improve our customers' lives by providing quality services, products and solutions that earn their trust and build lifetime relationships."
Sears Canada Inc
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