NASDAQ listed, Sears Canada reported a 15 per cent drop from a year ago quarter in the third fiscal quarter ended, November 1, 2014.
In third quarter of 2014, Sears sales reached $834.5 million, down 15 per cent from $982.3 million for the 13-week period ended November 2, 2013, while same store sales dipped 9.5 per cent.
Sears Canada attributed the balance fall in revenues to sales from stores closed as a result of early termination and amendment of certain full-line store leases.
Net loss for the reporting period skyrocketed to $118.7 million or $1.16 per share as against $48.8 million or 48 cents per share for the third quarter of last year.
Sears said net loss for the third quarter of this year includes pre-tax impairment charges of $44.4 million, compared to same charges of $22.6 million for the prior year quarter.
“Also included in the net loss for the third quarter of this year was an income tax expense of $43.7 million compared to an income tax recovery of $16.7 million for the same quarter of last year,” Sears explained.
Adjusted EBITDA for the third quarter of 2014 was a loss of $19.4 million versus $7.3 million for the third quarter of 2013.
Ron Boire, acting president said, “Sears has done well at managing expenses year to date and maintaining a strong balance sheet, and we are now working at growing our top line.”
Boire added, "We are all working together to deliver the level of value and service that have made us successful for six decades while operating within an increasingly competitive retail marketplace." (AR)
