Sears Canada reports Q4 and fiscal 2016 loss

Sears Canada reported on Wednesday a $45.8 million loss in its latest quarter, despite a rise in same store sales. Revenue fell to $744 million, compared with $887.6 million for the same period last year.

For fiscal 2016, the department store operator saw revenue fall to $2,613 million, compared to $3,145 reported in 2015.

Still, the struggling retailer saw same store sales increase by 1.3 percent in the fourth quarter compared to the same quarter last year, while core retail same store sales increased by 0.9 percent.

Net loss for the fourth quarter ended January 28 amounted to 45 cents per share, compared to net earnings of $30.9 million or 30 cents per share in the fourth quarter last year.

The retailer has dealt with years of financial pressure, yet has remained committed to the brand’s reinvention. In late 2016, Sears Canada launched a new brand image including a new logo, catalogue, website and Sears 2.0 retail concept. Most recently, the retailer’s reinvention took a surprising turn with the launch of an all new Sears private label product line up and off-price offering, baptized The Cut @ Sears.

“Our work to reinvent our business with product innovation, customer experience, and brand positioning is starting to resonate with consumers,” said Sears Canada executive chairman Brandon Stranzl, in a news statement.

“After many, many years of decline, Sears Canada is starting to realize growth in same store sales. We still have a lot of hard work to do and challenges ahead of us, but we are resolutely focused on the steps required to drive sustainable growth and profitability over time."

Sears has been in Canada since 1953.

Sears Canada reports Q4 and fiscal 2016 loss

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