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Sears Canada reports Q4 earnings & full-year results

Feb '07
Sears Canada Inc announced its unaudited fourth quarter and full-year results. Total revenues for the 13-week period ended December 30, 2006 were $1.874 billion compared to $1.908 billion for the 13 weeks ended December 31, 2005, a decrease of 1.8%, most of which is a result of the sale of the Company's Credit and Financial Services operations to JPMorgan Chase Bank, N.A. in November, 2005.

Same store sales decreased by 0.6% during the same period, and were even with last year if adjusted for the Sears Days promotional event that was partly shifted into the third quarter.

Net earnings for the quarter, during which there were no non-comparable items, totaled $108.5 million or $1.01 per share. This represents an increase of 6.4% compared to $102.0 million or 95 cents per share, excluding non-comparable items, in the same quarter last year.

During the same quarter last year, net earnings, including non-comparable items, were $783.4 million, or $7.30 per share, of which $6.31 was the gain realized from the sale of the Company's Credit and Financial Services operations, which resulted in the payment of a special distribution to shareholders of $18.64 per share.

Commenting on the fourth quarter, Dene Rogers, President and Chief Executive Officer, Sears Canada Inc., said, "Despite unusual weather conditions during this very important quarter of the year which impacted seasonal merchandise sales, the quarterly results are solid and reflect the ongoing efforts of our associates to offer products, services and experiences that make us relevant to our Customers."

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