Sears Canada (NYSE:SHLD) reported that revenue for the latest quarter decreased 17.7 percent, along with a same-store decrease of 9.1 percent.
Looking at the entirety of fiscal 2014, revenue decreased 14.2 percent and same-store sales were down 8.3 percent. The loss was primarily attributed to revenues from stores closed as a result of early termination and the amendments to other store leases.
"These results are disappointing and not indicative of the potential that exists within Sears Canada," said Ron Boire, president and CEO, Sears Canada, commenting on the fourth quarter and full-year results. "The management team remains focused on building on its relationship with Canadians by providing great fashionable products made of high quality at affordable prices with great service. Our sights are set on this value proposition and connecting with more Canadians than ever before. In addition, we are accelerating implementation of key initiatives related to product development and system infrastructure while continuing to focus on prudent management of expenses, investment of inventory and efficiency of our network.
Sears has been on a continued losing streak in Canada, having reported a loss of $118.7 million in the previous quarter.
Last fall, Sears Canada tried to auction off a majority stake in the company but failed to attract any bids. The Canadian chain's flop was a key factor in forcing Sears to take out a $400 million loan from company chairman Eddie Lampert.
Strapped for cash in general, the company was forced to close more than 100 stores and lay off at least 5,457 employees in late 2014, after already having closed 75 Kmart and 21 Sears department stores in the first half of the year.
-See this Sears press release
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