Total revenues for the 26-week period ended July 1, 2006 were $2.650 billion compared to $2.843 billion for the same period last year, a decrease of 6.8 percent. Same store sales decreased 2.8 percent.
Net earnings for the first six months, including non-comparable items, were $6.3 million or 6 cents per share compared to $24.8 million or 23 cents per share for the same period last year. Net earnings for the six months, excluding non-comparable items, were $19.5 million or 18 cents per share compared to $7.0 million or 7 cents per share for the same period last year.
Gross margins for the first six months increased by 105 basis points over the same period last year. Total expenses were reduced by 13.4 percent, approximately 60 percent of which are related to the sale of the Credit and Financial Services operations.
The Board of Directors will consider the dividend declaration, if any, at a later date.
Sears Canada is a multi-channel retailer with a network of 188 corporate stores, 182 dealer stores, 65 home improvement showrooms, over 1,900 catalogue merchandise pick-up locations, 107 Sears Travel offices and a nationwide home maintenance, repair, and installation network.
The Company also publishes Canada's most extensive general merchandise catalogue and offers shopping online.
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