Sears Canada swings to profit in 1Q
HTT Staff -- Home Textiles Today, 5/16/2012 12:21:11 PM
Toronto - Sears Canada reported a first quarter profit of $93.1 million, or 91 cents per share, compared to a net low in the year-ago quarter of $47.0 million, or 45 cents per share.
Revenue for the quarter ended April 28 fell 7.8% to $951.1 million, with comps down 6.3%.
"Although not reflected in our top line sales, there are positive signs of progress in many areas of our business," commented Calvin McDonald, president and ceo.
During the quarter, Sears Canada lowered prices on more than 5,000 items and launched the Look campaign to emphasis value and position itself as the authority on fashion apparel trends.
Major appliances and mattresses were the top performing categories, said McDonald.
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