Sears Canada Inc announced its unaudited second quarter results. Total revenues for the 13-week period ended June 30, 2007 were $1.444 billion compared to $1.428 billion for the 13 weeks ended July 1, 2006, an increase of 1.1%. Same store sales, representing sales generated through operations in full-line, Sears Home, Dealer and Corbeil stores which were continuously open during the period this year and last year, increased 2.2%.
Net earnings for the second quarter, including unusual items, were $47.7 million or 44 cents per share compared to $18.1 million or 17 cents per share in the same quarter last year. Net earnings for the quarter, excluding unusual items, were $47.8 million or 44 cents per share compared to $27.7 million or 26 cents per share in the quarter last year. Gross margin rate for the quarter was flat. Total expenses were reduced by 2.0%.
Total revenues for the 26-week period ended June 30, 2007 were $2.663 billion compared to $2.650 billion for the same period last year, an increase of 0.5%. Same store sales increased 1.9%.
Net earnings for the first six months, including unusual items, were $64.9 million or 60 cents per share compared to $6.3 million or 6 cents per share for the same period last year. Net earnings for the six months, excluding unusual items, were $55.7 million or 51 cents per share compared to $19.5 million or 18 cents per share for the same period last year.
Gross margin rate for the first six months increased by 32 basis points over the same period last year. Total expenses were reduced by 1.8%.
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