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Sears 13-week revenue ended July 2 up 2.3%

21 Jul '05

2 min read

Largest online retailer Sears Canada Inc announced its unaudited second quarter results. Total revenues for the 13 week period ended July 2, 2005 were $1.522 billion compared to $1.487 billion for the 13 weeks ended July 3, 2004, an increase of 2.3 percent.

Same store sales decreased 2.5 percent. Revenues for 2005 include those of Cantrex Group Inc, since its acquisition by the Company in late April, 2005.

Net earnings for the quarter, including non-comparable items, were $10.9 million or 10 cents per share compared to $4.6 million or 4 cents per share in the quarter last year.

Net earnings for the quarter, excluding non-comparable items, were $10.8 million or 10 cents per share compared to a $9.7 million or 9 cents per share in the quarter last year.

Compared to the second quarter of 2004, gross margin increased by 95 basis points and total expenses, as a percentage to revenue, increased by 73 basis points. Inventory levels increased by 6.8 percent, which now include the inventory of Cantrex. The Company's aged inventory dropped by 13.0 percent.

Total revenues for the 26-week period ended July 2, 2005 were $2.843 billion compared to $2.818 billion for the same period last year, an increase of 0.9 percent.

Net earnings for the first six months, including non-comparable items, were $24.8 million or 23 cents per share compared to $21.2 million or 20 cents per share for the same period last year.

Net earnings for the six months, excluding non-comparable items were $7.0 million or 7 cents per share compared to $17.4 million or 17 cents per share for the same period last year.

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