Sears Canada Q1 Loss Narrows; Same Store Sales Down 4.3% - Quick Facts

(RTTNews) - Sears Canada Inc. (SCC.TO, SRSC) reported a first-quarter net loss of C$59.1 million or C$0.58 per share compared to a loss of C$75.2 million or C$0.74 per share, last year. Adjusted EBITDA for the quarter was a loss of C$50.5 million compared to a loss of C$58.1 million, prior year.

Total revenues were C$697.2 million compared to C$771.7 million, a year ago, a decrease of 9.7%. Same store sales decreased 4.3%. The company said the balance of the decrease in revenues was primarily attributable to revenues from stores closed as a result of termination and amendment of certain store leases and the sale of joint arrangement interests since the end of the quarter last year.

Ron Boire, President and CEO, Sears Canada, said: "Our aim is to have a balanced approach to achieve both top-line revenue improvement and profitability. We are proceeding with our plans to transform the company, and this primarily involves moving from simply a multi-channel retailer to an effective omni-channel retailer. The transformation involves an integration of products, pricing, marketing, infrastructure and distribution capabilities."