Sears Canada sees decline in sales of electronics, decor, clothing

Tue, 05/01/2012 - 06:47 EDT - theglobeandmail.com

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Sears Holdings Corp. says its Canadian subsidiary had a 6.2% decline in comparable-store sales during the first quarter

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Sears Canada CEO unhappy with slow progress on turnaround
TORONTO – Sears Canada Inc will stick to its three-year turnaround plan, Chief Executive Calvin McDonald said on Friday although he conceded he was not entirely happy with the company’s progress in the 19 months since he took the top job. Last week, the department store chain’s parent, Sears Holdings Corp, said the performance of the Canadian unit would likely hold back its own fourth-quarter results. “There are areas that I wish were further along in our transformation plan,” McDonald said in an interview. “We still have a lot of work to do.”
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Sales and profit tumble at Sears Canada
Pre-holiday sales and profit tumbled at Sears Canada Inc., according to a report from parent company Sears Holdings Corp., which reported the sudden exit of its chief executive late Monday. Sears Canada acknowledged that its fourth-quarter adjusted earnings before taxes, depreciation and amortization will be about half the level of last year’s fourth quarter of US$97-million. Same-store sales, a key measure of retail performance, slid 5.8% in the nine weeks ended Dec. 29.
Sears CEO to step down for family reasons; Lampert to take helm
Sears Holdings Corp said late on Monday Chief Executive Louis D’Ambrosio will step down for family health reasons after the U.S. retailer reported a 1.8% decline in quarter-to-date sales at stores open at least a year. Edward Lampert will assume the role of Sears CEO in addition to his current role as chairman, Sears said in a statement late on Monday. Lampert’s hedge fund, ESL Investments, had a 34.14% stake in Sears Holdings as of Nov. 30, according to Thomson Reuters data.
Sears 3Q loss widens on softness in Canada
Sears Holdings Corp.'s third-quarter loss widened, dragged down by weakness in Canada, declining consumer electronics sales and softer clothing sales at its Kmart stores.The operator of Sears and Kmart ...
‘We’ve got to continue to adjust’: Sears Canada considers ‘reset’ of some struggling businesses
TORONTO — Sears Canada chief executive Calvin McDonald says there is still much work to be done as the department store retailer reconsiders what it sells in its stores. “We don’t have our balance 100% right,” McDonald said at the company’s annual meeting on Thursday. “There are still businesses that we’re in today…that are struggling, declining in the marketplace and we need to reset.”
Are Sears Canada’s days numbered? Poor results could have U.S. retailers circling soon
TORONTO — With news from its U.S. parent about lower sales and operating earnings at Sears Canada in the critical holiday quarter, the future looks increasingly grim for the Canadian department store chain as rival Target Canada gets ready to open stores here in two months.
Sears: Turnaround Is Occurring At A Much Slower Pace
By Robert Broens: Shares of Sears Holding (SHLD) lost almost a fifth of their value on the final trading day of the week. The retailer operating Kmart, Sears and Roebuck stores reported its third quarter results on Thursday after the close. Third Quarter Results
Sears to spin off piece of Canada stake
(Reuters) - Sears Holdings Corp said on Thursd
Sears Holdings: Undervalued in Run-Off
Frank Voisin submits: Sears Holdings Corporation (SHLD) is a holding company formed in 2004, as the result of the merger between Sears and Kmart. It has 2,206 full-line and 1,340 speciality retail stores in the United States, and through its 90% owned subsidiary Sears Canada Inc., an additional 456 locations in Canada.

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Sears Canada sees decline in sales of electronics, decor, clothing

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