TORONTO – Sears Canada is reporting a $91.6 million loss in its second quarter, which included severance and other costs associated with the retailer’s efforts to revitalize its business.
Last year’s second quarter was profitable due to a one-time gain of $67.2 million from the sale and leaseback of two logistics centres in Alberta and Ontario. No real estate gains were recorded in this year’s second quarter.
Get daily National news
READ MORE: Sears Canada plans to slash more costs as sales tumble
Net loss in this year’s second quarter amounted to 90 cents per share, compared with net earnings of $13.5 million or 13 cents per share in last year’s second quarter.
- Chiefs want residential school denialism criminalized as hate speech
- Quebec and Alberta announce plan to work together to deploy AI in government
- Canada pauses immigration applications for parent, grandparent sponsorship
- Open fire and campfire bans coming into effect in B.C. amid dry lightning threat
Revenue and store sales were down for a variety of reasons, including fewer transactions of appliances and other big-ticket items due to the termination of a credit card agreement and less revenue than expected from a merchandise agreement.
Total revenue declined by 15 per cent to $648.5 million, from $768.8 million, while same-store sales – those at outlets open for at least a year – declined by 5.5 per cent overall.
Comments
Want to discuss? Please read our Commenting Policy first.