Sears Canada Inc. (TSX:SCC) says sales of major appliances, furniture and mattresses helped its performance in the third quarter but overall revenue was down and the company still posted a loss of $53.2 million.
The decline amounted to 52 cents per share and represented an improvement over last year’s third quarter, when Sears Canada posted a net loss of $118.7 million or $1.16 per share.
Last year’s loss included a bigger income tax expense, an asset impairment and a loss from the sale of its interests in joint ventures.
For the three months ended Oct. 31, Sears Canada’s total revenue was $792.1 million, down 5.1 per cent, partly because of store closures.
But same-store sales — which measures sales at outlets that have been open for more than a year — at surviving locations were up 0.4 per cent overall and up 2.7 per cent at core locations.
Sears Canada considers its 95 full-line department stores and 43 Sears Home stores to be its core retail network, excluding outlet, 144 hometown stores and its direct-to-consumer channel through online and catalogue sales.
The company has 1,200 catalogue and online merchandise pickup locations.
Author: Canadian Jeweller Magazine Staff
Canadian Jeweller Magazine Staff is the shared byline for reporting filed by the magazine's editorial desk. Founded in 1879, Canadian Jeweller is the longest running jewellery business publication in Canada, covering market reporting, retail strategy, watches, diamonds, coloured gemstones and the commerce of the Canadian jewellery trade. Work published under this byline is edited and verified by the Canadian Jeweller editorial team in Toronto.
