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Sears increases Q1 operating EBITDA 16% on comparable basis
28
May '08
Sears Canada Inc announced its unaudited first quarter results. Total revenues for the 13 week period ended May 3, 2008 were $1.254 billion compared to $1.219 billion for the 13 week period ended March 31, 2007, an increase of 2.9%. Same store sales, for the 13 week period ending May 3, 2008 compared to the 13 week period ending May 5, 2007, decreased 1.9%.

Net earnings for the quarter, excluding unusual items, were $34.8 million or 33 cents per share compared to $5.0 million or 4 cents per share for the first quarter last year, which ended March 31, 2007. Net earnings for the quarter, including unusual items, were $63.1 million or 59 cents per share compared to $14.3 million or 13 cents per share in the first quarter last year, which ended March 31, 2007.

Operating EBITDA (Earnings before interest, taxes, depreciation and amortization), before unusual items, increased to $83.1 million compared to $52.2 million in the first quarter of last year, which ended March 31, 2007. Compared to the similar 13-week period of 2007 (ended April 28, 2007), operating EBITDA, before unusual items, increased by 16.1% to $83.1 million versus $71.6 million last year. Operating EBITDA is a non-GAAP measure; please refer to the Reconciliation of net earnings to operating EBITDA attached.

Commenting on the quarter, Dene Rogers, President and Chief Executive Officer, Sears Canada Inc., said, "A longer winter with more snow and colder weather in many parts of the country than last year together with an early Easter adversely affected sales of seasonal products.

Better management of inventory and solid performances in many non-retail businesses enabled us to deliver a significant improvement in results. As always, I would like to thank our 35,000 associates for their contribution to Sears and its customers as we continue to offer products and services that improve the lives of our customers."

Sears Canada Inc

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