CANADA: Sears Q2 Profit Down As Sales Slide
Department store chain Sears Canada Inc on Thursday posted a fall in second quarter net income, excluding items, to 18 Canadian cents a share versus 23 Canadian cents a share in the year-ago period.
The Toronto-based company said total revenues for quarter ended June 28 fell 7.8 per cent to C$1.46 billion from C$1.59bn last year with same-store sales for the 13 week period down 6.5 per cent.
Chairman and CEO, Mark Cohen, said: "Sales in the second quarter, heavily influenced by our planned reduction in unprofitable promotions as well as the generally unfavourable sales environment described by others, showed substantial improvement over the first quarter.
"Comparable store sales were down significantly in April, up slightly in May and down moderately in June. Though sales were below our plan in the quarter, gross margins were up 109 basis points over last year, and well above our plan. Inventory remained tightly controlled, ending the quarter at C$768m, 6.3 per cent below last year.
He added his firm's guidance for the full year continues to be C$1.50 a share for operating earnings, which would be a 15 per cent improvement on last year.
Companies: Sears Holdings Corporation
When retailers go off-track, they end up trying to follow the evolution of consumer tastes, trends and spending. By the time they understand what their shopper is about, she's moved on to the next bes...
Textiles and clothing make up Thailand's largest manufacturing industry, with more than 4,500 factories employing over one million people. The sector accounts for approximately 20 per cent of total em...
Retail group Sears has expanded its contract with fulfilment and integration solutions company CommerceHub. ...
Retail group Sears Holdings has appointed Lisa Schultz to the new position of executive vice president of the company's apparel design....
Retail group Sears Holdings has named a team of new executives and has announced the departure of president and chief merchant Luis Padilla....
Multi-channel retailer Sears Canada is recalling two lines of children's outfits due to a potential choking hazard....
Casual Male Retail Group Inc is launching its big and tall men's apparel on retail giant Sears' e-commerce site sears.com under a long-term agreement....
Casual apparel company Levi Strauss & Co has named John Goodman as president of the US Dockers business, effective 6 June....
- Why do modern robotics elude sportswear makers?
- Mexico makers bullish on Trump's proposed tariffs
- Traditional financing is a misfit for fast fashion
- How would end of NAFTA affect US apparel industry?
- Bagir CEO says suit-maker is back on track
- Bagir exports first trousers for H&M from Ethiopia
- US Q3 in brief - G-III Apparel, Express
- Fruit of the Loom CEO Medlin dies suddenly
- Throwaway fast fashion model needs re-think
- Crystal expands empowerment project to male staff
- Outdoor performance apparel 2016: A broader perspective
- Global market review of lingerie – forecasts to 2022
- Global apparel markets: product developments and innovations, October 2016
- Footwear Top 5 Emerging Markets Industry Guide_2016
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack