CANADA: Sears Canada Releases October Revenues
Sears Canada's total revenues for the four week period ending October 29, 2000 increased 3.8 per cent to $577m from $555.9m for the same period last year.Full-line store sales increased 5.0 per cent, however same store sales for full-line stores decreased 1.7 per cent. Catalogue sales decreased by 4.3 per cent. Off-mall sales increased 19.7 per cent. Same store sales for off-mall stores decreased by 4.5 per cent.Commenting on October sales, Paul Walters, chairman and CEO said: "The sales trend for October was significantly below our expectations. We continued to experience soft revenues in our big-ticket business for the third consecutive month, impacting growth in both our full-line and off-mall formats. Despite the weakness in our big-ticket business, we continue to gain significant market share in major appliances, particularly in the month of October. Our apparel business performed at high single digit growth in our full-line store channel, despite sluggish sales in winter related merchandise."
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