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Sears Canada Q3 operating income up 15%

Oct '07
Sears Canada Inc announced its unaudited third quarter results. Total revenues for the 13-week period ended September 29, 2007 were $1.368 billion compared to $1.409 billion for the 13 weeks ended September 30, 2006, a decrease of 2.9%.

Same store sales, representing sales generated through operations in full-line, Sears Home, Dealer and Corbeil stores which were continuously open during the period this year and last year, decreased 3.6%. The Gross Margin rate was up slightly for the quarter.

Net earnings for the third quarter, including unusual items, were $105.2 million or 98 cents per share compared to $37.8 million or 35 cents per share in the same quarter last year, an increase in earnings of 178%. Net earnings for the quarter, excluding unusual items, were $47.2 million or 45 cents per share compared to $41.1 million or 38 cents per share in the quarter last year, an increase in earnings of 15%.

Unusual items in the third quarter of $58.0 million or 53 cents per share were principally related to previously announced property transactions including the Company's headquarters building.

Commenting on the third quarter, Dene Rogers, President and Chief Executive Officer, Sears Canada Inc, said, "The quarter had less favourable business conditions than we experienced at this time last year, most notably the unseasonably warm weather which affected our apparel categories, and the improvement in the value of the Canadian dollar in relation to the U.S. dollar and the increased interest in cross-border shopping. Throughout the quarter, our associates continued to focus on the customer and I thank them for their contribution."

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