CANADA: Sears Canada Shares Plummet To 52-Week Low
Sears Canada shares continued to drop in value yesterday as the markets reacted to disappointing sales numbers released late last week by the retail chain.Several analysts lowered their earnings estimates for Sears, which saw same-store sales dip in October due to unexpectedly sluggish sales of big-ticket items.The company has seen its share price spiral from the $33 range since it released lukewarm third-quarter results last month. The stock (SCC/TSE) dived six per cent on Friday and plunged another nine per cent yesterday, or $2.10, to close at $21.20, a 52-week low.Sears is to open seven stores across Canada under the Eatons banner on November 25, and chief executive Paul Walters expects the renovated outlets will bring $1bn in yearly sales to the Sears enterprise within three years.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-style gives you the widest apparel and textile market coverage.
Paid just-style members have unlimited access to all our exclusive content - including 16 years of archives.
It’s our best ever membership offer – just for you.
Leonie Barrie, editor of just-style
- Steps to piloting living wage in garment factories
- How to ensure sustainability is more than a slogan
- Trump blows the case for Brexit out of the water
- US apparel retailers' November 2016 sales roundup
- Duty-free trade key to build Africa supply chains
- US Q3 in brief – Destination Maternity, Cherokee
- Esquel efficiency drive continues to boost brands
- Taiwan textile maker investing in first US plant
- Outdoor apparel sector set for double-digit growth
- Myanmar garment industry "lacking labour rights"