One-Time Items Skew Sears' Q1 Results

Share this article:
Sears Canada's unaudited first-quarter results for the period ended March 29 included net earnings of $11.4 million compared with a net loss of $115.9 million for the same period last year.


However, earnings in the quarter included an after-tax gain of $4.3 million related to the sale of receivables through the company's securitization program. Last year's results included an after-tax expense of $124.3 million, related mainly to the conversion of the remaining Eaton's stores to the Sears banner. Excluding these non-comparable items, operating earnings in the quarter totaled $7.1 million versus $8.4 million last year.


Total revenue in the quarter was $1.28 billion versus $1.41 billion a year ago, representing an 8.7 percent drop as merchandise sales fell 12.7 percent and same-store sales were down 14.1 percent.


Share this article:

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in News

News Byte: Comcast Expanding Global Ad Delivery Through Partnership

News Byte: Comcast Expanding Global Ad Delivery Through ...

Through a partnership with Adstream , Comcast's AdDelivery Service expands its footprint across the globe.

40 Under 40 2014: Nominations Are Now Open!

40 Under 40 2014: Nominations Are Now Open!

It's time to nominate the 2014 crop of young marketing luminaries for Direct Marketing News's 40 Under 40 Awards. The deadline is Friday, June 6, 2014.

News Byte: MediaCrossing Partners with ASL Marketing on Youth Marketing Tool

News Byte: MediaCrossing Partners with ASL Marketing on ...

The digital media trading firm and marketing database company aim to help marketers target 13 to 34 year olds.