Sears Canada Inc. Announces Board Changes; Reports Unaudited Consolidated Earnings Results for Third Quarter and Nine Months Ended November 2, 2013; Reports Impairment Charges for the Third Quarter Ended November 2, 2013
The company reported unaudited consolidated earnings results for third quarter and nine months ended November 2, 2013. For the quarter, the company's revenue was CAD 982.3 million against CAD 1,049.4 million a year ago. Operating loss was CAD 63.3 million against CAD 30.4 million a year ago. Loss before income tax was CAD 65.5 million against CAD 30.2 million a year ago. Net loss was CAD 48.8 million or CAD 0.48 per diluted share against CAD 21.9 million or CAD 0.22 per diluted share a year ago. Cash used in operations was CAD 64.5 million against CAD 88.8 million a year ago. Purchases of property, plant and equipment and intangible assets were CAD 13.4 million against CAD 20.7 million a year ago. Adjusted EBITDA was CAD 7.3 million compared to CAD 3.9 million for the third quarter last year.
For the nine months, the company's revenue was CAD 2,809.5 million against CAD 3,039.3 million a year ago. Operating loss was CAD 110.1 million against CAD 92.0 million a year ago. Profit before income tax was CAD 69.1 million against CAD 66.3 million a year ago. Net income was CAD 72.8 million or CAD 0.71 per diluted share against CAD 61.3 million or CAD 0.60 per diluted share a year ago. Cash used in operations was CAD 152.3 million against CAD 175.4 million a year ago. Purchases of property, plant and equipment and intangible assets were CAD 31.5 million against CAD 55.6 million a year ago. Adjusted EBITDA was CAD 17.7 million versus CAD 6.0 million for the 39-week period last year which ended October 27, 2012.
For the quarter, the company reported goodwill impairment of CAD 6.1 million and Regina impairment of CAD 16.5 million.