CANADA: Sears Canada Profit Up 50 Per Cent, Sales Flat
Sales, however, were just 0.6 per cent higher, to C$1.59 billion from C$1.58 billion, mainly because of the late summer. Same-store sales fell 3 per cent during the quarter.
For the first six months, sales fell to C$2.998 billion from C$3.012 billion in the year-ago period.
Mark Cohen, chief executive officer, told analysts the company was taking a conservative outlook on clothing sales, adding: "We're unclear about what course the economy will take."
Sears Canada was hit in the first quarter by weak sales and restructuring costs from rebranding the 19-strong Eatons department store chain. Twelve stores have now been converted to the Sears name and the rebranding of the remaining seven should be finished by August.
Companies: Sears Holdings Corporation
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