Sears Canada Inc. said total revenues for the 13 week period ended April 1, 2006, were $1.222 billion CAD (approx. U.S. $1.08 billion) compared to $1.321 billion CAD (approx. $1.2 billion) for the 13 weeks ended April 2, 2005, a decrease of 7.5 percent. Same store sales decreased 2.6 percent.
Total revenues decreased during the first quarter of 2006 compared to the corresponding period in 2005, primarily due to the sale of the Credit and Financial Services operations in the fourth quarter of 2005.
Net earnings for the quarter, including non-comparable items, were a loss of $11.8 million CAD (approx. $10.5 million) or $0.11 CAD (approx. $0.10) per share compared to a profit of $13.9 million CAD (approx. $12.3 million) or $0.13 CAD (approx. $0.12) per share in the quarter last year. Net earnings for the quarter, excluding non-comparable items, were a loss of $8.2 million CAD (approx. $7.3 million) or $0.08 CAD (approx. 0.07) per share compared to a loss of $3.8 million CAD (approx. $3.4 million) or $0.04 CAD (approx. $0.03) per share in the quarter last year.
The retailer said it is encouraged by the results of its major appliances recharge program launched in the second half of 2005. The category continued its strong sales performance from the fourth quarter.
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