Multi-channel retailer Sears Canada Inc. (SCC.TO) posted a decline in its fourth-quarter net earnings to C$92.2 million or C$0.87 per share from C$128.2 million or C$1.19 per share last year.
Total revenues for the 13-week period ended January 29, 2011 were C$1.48 billion versus C$1.525 billion for the comparable 13-week period ended January 30, 2010, a decrease of 3.2%. Same store sales decreased 3.3%.
Commenting on the quarter and full year performance, Dene Rogers, President and Chief Executive, Sears Canada Inc., said, "The 2010 results were disappointing due to several external factors including increasing household debt, at an all time high, which affects sales in major expense items such as appliances, the effect of a warm fall that impacted apparel and categories such as snowblowers, and continued deep discounting by the industry in general."
For comments and feedback: editorial@rttnews.com