Profits up, sales down at Sears Canada

TORONTO — Sears Canada Inc. had net earnings for the year ended February 1, of $446.5 million or $4.38 per share, up from $101.2 million or 99 cents per share in the previous year. The company benefited in 2013 from pre-tax gains of $577.2 million related to early lease terminations and amendments.

Total revenues for the year were $3.99 billion, down 8.2% from $4.35 billion in 2012. Same-store sales for the year, including an adjustment for the extra week last year, decreased 2.7%. For the fourth quarter, Sears’ revenues fell 9.6% to $1.18 billion. Same-store sales for the quarter decreased 6.4%. Quarterly net earnings were $373.7 million versus $39.9 million.