Originally posted on Financial Post | Business:
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.
Fourth quarter adjusted earnings before taxes, depreciation and amortization at Sears Canada will be about half the level of last year’s fourth quarter of US$97-million, Sears Holdings said, results confirmed by the Canadian unit. Same-store sales, a key measure of retail performance, slid 5.8% in the nine weeks ended Dec. 29.
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