Sears Canada announced its unaudited fourth quarter and full-year results. Total revenues for the fourth quarter ended January 31, 2015 were $972.5 million compared to $1,182.3 million for Q4 2013, a decrease of 17.7%.
Article continues below
Same store sales for the quarter decreased by 9.1%. Total revenues for the 52-week period ended January 31, 2015 were $3,424.5 million compared to $3,991.8 million for the 52-week period ended February 1, 2014, a decrease of 14.2%. Same store sales for the year decreased by 8.3%.
The balance of the decrease in revenues for the quarter and for the year was 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 certain joint arrangement interests in Fiscal 2013.
The net loss for the fourth quarter of 2014 was $123.6 million or $1.21 per share compared to net earnings of $373.7 million or $3.67 per share for the fourth quarter of 2013. Included in the net loss for the fourth quarter of 2014 was a pre-tax asset impairment charge of $99.3 million related to leasehold improvements in full-line and Hometown stores, and intangible assets.
Included in the net earnings for the fourth quarter of 2013 were pre-tax gains of $391.5 million related to early lease terminations and amendments, $66.3 million related to the sale of the Company's interest in certain real estate joint arrangements and $42.5 million related to the settlement and amendment of retirement benefits.
Also included in the net earnings for the fourth quarter of 2013 were pre-tax transformation expenses of $51.2 million and a pre-tax asset impairment charge of $11.2 million.
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) for the fourth quarter of this year was a loss of $28.8 million compared to adjusted EBITDA of $18 million for the fourth quarter of last year. Adjusted EBITDA is a non-IFRS measure.
The net loss for the 52-week year ended January 31, 2015 was $338.8 million or $3.32 per share compared to net earnings of $446.5 or $4.38 per share for the 52-week year ended February 1, 2014.
Included in the net loss for this year, including the previously mentioned items in the fourth quarter, were pre-tax impairment charges related to other assets of $115.0 million and the logistics facility located in Montreal of $44.4 million as well as a pre-tax gain on the sale of the Company's interest in certain joint arrangements of $35.1 million.
Included in the net earnings for last year were pre-tax gains of $577.2 million related to early lease terminations and amendments, $66.3 million related to the sale of the Company's interest in certain real estate joint arrangements and $42.5 million related to the settlement and amendment of retirement benefits.
Also included in the net earnings for last year were pre-tax transformation expenses of $72.9 million and pre-tax impairment charges related to a logistics facility located in Regina and other assets of $27.7 million. Adjusted EBITDA for this year was a loss of $122.4 million compared to adjusted EBITDA of $35.7 million for last year. ■