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."
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