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Sears Canada revenue, same-store sales drop; asset writedown contributes to loss
TORONTO – Sears Canada Inc. (TSX:SCC) says its fourth-quarter revenue was down 17.7 per cent from a year earlier to $972.5 million.
The national retailer said the decline was primarily due to store closures and a 9.1 per cent decline in same-store sales.
It also had a net loss of $123.6 million or $1.21 per share, which included a writedown on the value of improvements made at its stores.
After adjustments in both years, Sears lost $28.8 million in the three months ended Jan. 31 compared with a year-earlier profit of $18 million.
For the full year, Sears Canada had a $338.8 million net loss, or $3.22 per share in 2014.
That compared with a 2013 net profit of $446.5 million, or $4.38 per share,which included gains from the early termination of leases on some of its major Sears stores, real estate sales and other usual items.
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