August 26, 2008 / 1:31 PM / 10 years ago

Sears Canada reports higher quarterly profit

TORONTO (Reuters) - Sears Canada Inc SCC.TO reported a 44 percent jump in its second-quarter net profit as results were boosted by a rise in same-store sales.

Canada’s second-biggest department store chain said on Tuesday net earnings rose to C$61.1 million, or 56 Canadian cents per share, up from C$42.3 million, or 39 Canadian cents per share in the year-prior quarter.

Operating earnings before interest, tax, depreciation and amortization and unusual items grew to C$124.3 million from C$117.6 million, the company said.

Revenue fell 1.7 percent to C$1.42 billion from C$1.44 billion, while sales at stores open for at least one year rose 1.8 percent.

“Our same store sales compared to last year headed in a positive direction during the quarter despite depressed consumer confidence and a tougher economy,” Dene Rogers, chief executive, said in a statement.

Weakness in the company’s soft lines were offset by improved performance among its big-ticket areas, Rogers added.

($1=$1.05 Canadian)

Reporting by Jennifer Kwan; Editing by Scott Anderson

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