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Sears Canada announces unaudited Q3 earnings results

21
Oct '05
Leading multi-channel retailer announced its unaudited third quarter results. Total revenues for the 13-week period ended October 1, 2005 were $1.487 billion compared to $1.497 billion for the 13 weeks ended October 2, 2004, a decrease of 0.7 percent. Revenues for 2005 include those related to the Company's April 2005 acquisition of Cantrex Group Inc.

Net earnings for the quarter, excluding non-comparable items, were $20.8 million or 19 cents per share compared to $18.1 million or 17 cents per share in the quarter last year. As part of the Company's previously announced productivity improvement initiatives, a non-comparable restructuring charge of $62.7 million (pre-tax) related to strategic staffing was accounted for in the third quarter.

Also accounted for in the third quarter as a non-comparable item was a charge of $21.1 million (pre-tax) related to stock-based compensation. In order to avoid a dilution of the Company's share base with respect to outstanding options, employees were enabled to take a cash payment in lieu of the issuance of shares.

The Company's merchandising profit increased over the third quarter of 2004. Also, the Company moved some key promotional events from the third quarter of 2004 to the fourth quarter this year for strategic reasons, resulting in some same store sales decreases. Same store sales for the quarter decreased 8.2 percent.

Total revenues for the 39-week period ended October 1, 2005 were $4.329 billion compared to $4.315 billion for the same period last year, an increase of 0.3 percent.


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