Trade Resources Industry Views Sears Canada Announced Its Unaudited Third Quarter Results

Sears Canada Announced Its Unaudited Third Quarter Results

Sears Canada Inc. announced its unaudited third quarter results. Total revenues for the 13-week period ended November 2, 2013 were $982.3 million compared to $1,049.4 million for the 13-week period ended October27, 2012, a decrease of 6.4%. Same store sales increased by 1.2% during the 13-week period.

Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization and Non-Operating Activities) for the third quarter of 2013 was $7.3 million compared to $3.9 million for the third quarter last year. The net loss for the third quarter of 2013 was $48.8 million or 48 cents per share compared to a net loss of $21.9 million or 22 cents per share for the third quarter last year.

Included in the net loss for the third quarter this year are non-recurring charges of $42.8 million comprised of three components: $20.2 million primarily related to severance costs associated with internal restructuring, $16.5 million representing an asset impairment charge related to one of the Company's Regina logistics centres, and $6.1 million representing a goodwill impairment charge related to the Company's Home Installed Products and Services business.

Total revenues for the 39-week period ended November2, 2013 were $2,809.5 million compared to $3,039.3 million for the 39-week period ended October27, 2012, a decrease of 7.6%. Same store sales decreased by 1.2% during the 39-week period.

Adjusted EBITDA for the 39-week period ending November2, 2013 was $17.7 million versus $6.0 million for the 39-week period last year which ended October27, 2012. Net earnings for the 39-week period this year were $72.8 million or 71 cents per share compared to $61.3 million or 60 cents per share for the 39-week period last year.

This year's net earnings include the charges taken in the third quarter as described in the second paragraph of this release and a $185.7 million gain on lease terminations and lease amendments recognized in the second quarter of 2013. The previous year's net earnings for the first 39 weeks of the year included a $167.1 million gain on lease terminations in the first quarter of 2012.

Source: http://www.fibre2fashion.com/news/apparel-news/newsdetails.aspx?news_id=155972
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