Sears Canada reports Q4 earnings & full-year results

02 Feb '07

3 min read

Revenues for the full year were $5.933 billion for the year ended December 30, 2006 compared to $6.238 billion for the year ended December 31, 2005, a decrease of 4.9%. Comparable store sales were down approximately 1.1%. Net earnings for the full year, excluding non-comparable items, were $169.1 million or $1.57 per share, an increase of 30.2% compared to $129.9 million or $1.22 per share last year.

Net earnings for the full year including non-comparable items were $152.6 million or $1.42 per share compared to $770.8 million or $7.22 per share last year which includes the effect of the sale of the Credit and Financial Services operations.

"We are pleased with our performance in 2006," said Mr. Rogers. "Our 37,000 associates, led by our energetic senior management team, have worked hard and have been dedicated to improving our financial results this year. As we look back on the year's performance, we were able to essentially replace the EBITDA reduction resulting from the sale of the Company's Credit and Financial Services operations through more profitable sales and expense management."

"While same store sales were down 1.1%, gross margin improved 81 basis points, and expenses were down 11.5%. EBITDA, excluding non-comparable items, increased to 7.8% of revenues from 6.8%."

Sears Canada Inc

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