Sears posts Q4 decline

TORONTO — Sears Canada experienced a drop in revenue to $887.6 million in the fourth quarter, a decline of 8.7% from $972.5 million a year earlier. While quarterly net earnings were $30.9 million, up from a net loss of $123.6 million in Q4 2014, the increase was due mainly to a payout from JP Morgan Chase Bank following the termination of Sears’ credit card business on November 15, 2015. Same-store sales in its Home and Hardlines category fell 5.1%, likely due in part to the closing in 2015 of six of its Home Stores. The company reported that same-store sales in its Outdoor Power Equipment category were also weak, due to unseasonably warm weather. For the fiscal year ended January 31, net revenue dipped to $3.145 billion from $3.43 billion in 2014. Same-store sales for the year were down 2.3%, narrowing the 8.3% drop experienced in the previous year.