Retailer Sears Canada has managed to halve its third-quarter losses after favourable comparisons with the year-ago period helped offset a 6.8% fall in sales.
Net loss narrowed to $21.9 million during the 13-week period ending October 27, compared to $44 million a year ago. Last year’s results included a $45.5 million restructuring charge.
Total revenues in the quarter fell to $1.037 billion, compared to $1.1 billion last year. Same store sales slipped 5.7%. The company attributed the decline to a reduction in promotional and clearance sales in apparel.
CEO and president Calvin McDonald said: ”Although we made progress in the quarter, we can and must do more. Our plan is working, however our pace of execution has not met our expectations.
“Recent changes to our management team have been made that are designed to lead the organisation effectively through the transformation and help us achieve our operational and financial objectives.”
The board of Sears Holdings also completed the spin-off of 44.5% of its 95.5% interest in Sears Canada this week.
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