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Sears Canada Q1 total revenues $771.7 million

Staff writer |
Sears Canada, Inc. announced its unaudited first quarter results. Total revenues for the 13-week period ended May 3, 2014 was $771.7 million compared to $867.1 million for the 13-week period ended May 4, 2013, a decrease of 11%.

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Same store sales decreased 7.6%. The balance of the change in revenues is primarily attributable to revenues from stores closed as a result of early termination and amendment of certain full-line store leases and the sale of joint arrangement interests in Fiscal 2013.

The net loss for the quarter this year was $75.2 million or 74 cents per share compared to a net loss of $31.2 million or 31 cents per share for the same period last year. Included in the net loss for the first quarter this year were pre-tax transformation expenses of $7.6 million related primarily to severance costs incurred during the quarter.

Also included in net loss for the quarter were pre-tax lease exit costs, warranty and other costs related to SHS and costs for the future settlement of retirement benefits, totaling $11.2 million. Included in the net loss for the first quarter last year were pre-tax transformation expenses of $1.5 million, related primarily to severance costs incurred during the quarter.

Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) for the 13-week period endedMay 3, 2014 was a loss of $58.1 million compared to a loss of $9.8 million for the 13-week period ended May 4, 2013.


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