Sears Canada earnings jump 178 percent
Toronto, Ontario–based Sears Canada reported third-quarter net earnings of C$105.2 million (US$109.4 million), a 178 percent increase over net earnings from the same quarter last year of C$37.8 million (US$39.3 million).
The company reported revenues of C$1.36 billion (US$1.42 billion), down 2.9 percent from the same quarter last year of C$1.41 billion (US$1.46 billion).
The company also reported same-store sales were down 3.9 percent for the third quarter ended Sept. 29.
The company’s earnings jumped, due mostly to $55.9 million in real estate sales for the quarter.
“The quarter had less favorable business conditions than we experienced at this time last year, most notably the unseasonably warm weather which affected our apparel categories and the improvement in the value of the Canadian dollar in relation to the U.S. dollar and the increased interest in cross-boarder shopping,” said president and CEO Dene Rogers about the decrease in sales.
Sears Canada is a multichannel retailer with a network of 196 corporate stores, 179 dealer stores and 61 home improvement showrooms.