Multi-channel retailer Sears Canada Inc. (SCC.TO) Wednesday reported a lower fourth-quarter profit, reflecting a decline in revenues. Home electronics and Craftsman, which includes snowblowers and hardware, contributed to majority of sales decline.
Total revenues for the quarter dropped 5 percent to C$1.3 billion. Same store sales decreased 3.8 percent from last year.
The Toronto, Canada-based company's net earnings for the 14-week fourth quarter declined to C$39.9 million from C$41 million in the 13-week fourth quarter of the previous year. On a per share basis, earnings remained flat at C$0.39.
The company said its recent-quarter earnings included pre-tax gains of C$21.1 million related to a voluntary buyout program concerning post-retirement benefits and C$8.6 million related to sale of a joint venture interest, and a pre-tax charge of C$12.6 million in connection with Transformation expenses.
Calvin McDonald, president and chief executive officer of the company noted that the company implemented many initiatives during 2012 to which its customers have responded positively. He said, "We expect to build on these and our other successes as we move into 2013."
SCC.TO closed Tuesday's regular trading at C$9.30 on the Toronto Stock Exchange.
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