Sears Earnings Slip Amid Remodeling of Canadian Stores

Share this content:
Sears, Roebuck and Co. yesterday reported a 38 percent drop in first-quarter net earnings as profits were affected by charges from accounting changes and costs to remodel Canadian stores.


Net income in the quarter ended March 30 dropped to $110 million from $176 million last year.


Excluding one-time items related to a change in accounting for goodwill and costs to convert 12 Eaton stores to Sears Canada stores, income rose to $300 million from $150 million last year.


Sears said 2002 operating profits were helped by lower expenses and margin improvement in its retail division.


Total revenue in the first quarter increased to $9.04 billion from $8.86 billion last year.


Operating income from the company's retail unit, excluding one-time items, increased to $87 million from an operating loss of $56 million in the previous year. Retail revenue fell to $6.77 billion from $6.81 billion last year.


close

Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

Brightcove is the world's leading video platform. The most innovative and respected brands confidently rely on Brightcove to solve their most demanding communication challenges because of the unmatched performance and flexibility of our platform, our global scale and reliability, and our award-winning service. With thousands of customers and an industry-leading suite of cloud video products, Brightcove enables customers to drive compelling business results.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above