Multi-channel retailer Sears Canada Inc. (SCC.TO) reported first-quarter net earnings of C$93.1 million or C$0.91 per share, as against a loss of C$47.0 million or C$0.45 per share last year. The company said the recent quarter's earnings included a gain of C$164.3 million this year representing the pre-tax gain on lease terminations of three stores as announced earlier.
Total revenue for the 13-week period was C$915.1 million, compared with a restated C$992.5 million in the previous year, a decrease of 7.8%. Same-store sales were down 6.3%. Total-week net sales for the quarter were impacted negatively by the price rebalancing initiative, as anticipated, as the company continues to instill more day-in and day-out value across the enterprise.
Sears Canada added, "In addition, the company has prudently managed expenses during the quarter resulting in operating expense reductions of 5.9% compared to the first quarter of last year."
For comments and feedback contact: editorial@rttnews.com
Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.