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.
Reporting by Jennifer Kwan; Editing by Scott Anderson