Sears Canada Net Slips in Q4, Goes from Loss to Profit for Fiscal Year
February 27, 2013,
TORONTO-Fourth-quarter net income for Sears Canada slipped 2.7 percent to C$39.9 million, while the department-store retailer was able to turn a $50.3 million net loss into a net profit of C$101.2 million for the fiscal year.
The Canadian dollar's value was virtually identical to the U.S. dollar's value for both the quarter and the fiscal year. Net sales in the quarter, which ended on Feb. 2, totaled C$1.3 billion, down 5 percent and including a same-store sales decrease of 3.8 percent. For the fiscal year, net sales were C$4.3 billion, off 6.9 percent and including a drop of 5.6 percent in same-store sales.