Sears Holdings Corporation reported results for the fiscal year ended January 28, 2006, saying condensed consolidated statements of operations included for the 13 weeks and year are not comparable to the prior year because prior years do not include Sears stores results. Additionally, Sears Holdings said, results for the year ended January 28, 2006 are not representative of its ongoing operations as they only include the results of Sears from March 25, 2005 forward.
Sears Holdings (Hoffman Estates, Illinois, U.S.) was formed from the March 2005 merger of retail companies Kmart Holding Corporation and Sears, Roebuck and Co.
Earnings per share on a diluted basis were U.S. $4.03 for the 13 weeks ended January 28, 2006, as compared to $3.09 per share for the 13 weeks ended January 26, 2005. For the full year, earnings per share on a diluted basis were $5.59 for fiscal 2005 and $11.00 for fiscal 2004. Sears Holdings said significant asset sales and restructuring charges greatly impacted the company's fiscal 2005 and fiscal 2004 diluted earnings per share.
Total revenues increased $10.1 billion to $16.1 billion for the 13-week period ended January 28, 2006, compared to total revenues of $6.0 billion for the 13-week period ended January 26, 2005. Full year fiscal 2005 revenues were $49.1 billion, compared to $19.8 billion for fiscal 2004. The increase during the 13 weeks ended January 28, 2006 was primarily attributable to the addition of Sears revenues of $10.3 billion partially offset by a $0.2 billion decline in Kmart's revenues, due to a reduction in the total number of Kmart stores in operation.
Sears Extends Canada Shares Offer to March 31, 2006
Sears Holdings said today that its wholly owned subsidiary SHLD Acquisition Corp. has taken up 10,161,968 common shares of Sears Canada as it pursues a take-over of the Canadian business. This represents approximately 9.5 percent of Sears Canada's outstanding shares and gives Sears Holdings ownership of approximately 63.2 percent of the outstanding shares of Sears Canada.
SHLD Acquisition Corp. extended its offer to 8:00 p.m. (Eastern Standard Time) on March 31, 2006 to allow Sears Canada shareholders a further opportunity to deposit their common shares to the offer at $16.86 Canadian (approx. U.S. $14.45).
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