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Sears Canada reports Q1 earnings

26
Apr '07
Sears Canada Inc announced its unaudited first quarter results. Total revenues for the 13 week period ended March 31, 2007 were $1.219 billion compared to $1.222 billion for the 13 weeks ended April 1, 2006, a decrease of 0.2%.

Higher merchandise sales and credit revenues, which increased 0.8% and 2.8%, respectively, were offset by a decline in service and other revenues.

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, increased 1.6% and gross margins increased 69 basis points.

Net earnings for the quarter, including unusual items, were $17.2 million or 16 cents per share compared to a loss of $11.8 million or 11 cents per share in the quarter last year.

Net earnings for the quarter, excluding unusual items, were $7.9 million or 7 cents per share compared to a loss of $8.2 million or 8 cents per share in the quarter last year.

Commenting on the quarter, Dene Rogers, President and Chief Executive Officer, Sears Canada Inc said, "We are pleased with our overall performance in the quarter during which both same store sales and gross margins increased."

Most merchandise categories improved their sales during the first three months of the year. Earnings before interest, taxes, depreciation and amortization (EBITDA) before unusual items increased from $39.2 million in 2006 to $56.6 million in 2007.

"We have continued to build product assortments and provide services that improve the lives of our customers and their response has been positive."

Sears Canada Inc


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