Sears Canada Inc. said today its unaudited 2005 third quarter (ended October 1) total revenues were $1.487 billion compared to $1.497 billion for the same period in 2004, for a decrease of 0.7 percent. Revenues for 2005 include those related to its April 2005 acquisition of Cantrex Group Inc. Net earnings for the quarter, excluding non-comparable items, were $20.8 million, or $0.19 per share compared to $18.1 million or $0.17 per share in the quarter last year.
The company's merchandising profit increased over the third quarter of 2004 and the company moved some key promotional events from the third quarter of 2004 to the fourth quarter this year for strategic reasons, resulting in some same store sales decreases. Same store sales for the quarter decreased 8.2 percent.
As part of a strategy to make mall-based stores more productive and profitable, two new full-line department stores were opened in Brockville and Timmins, Ontario, moving to premises more than double the size of their previous locations.
"Updating the current design elements of our mall-based stores together with a broadened selection of national and private brand merchandise, particularly within our destination businesses, is a worthy investment which will lead to improved productivity," said Brent Hollister, Sears Canada president and CEO.
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