Eaton's slashes earnings forecast
Article Abstract:
T. Eaton Co. Ltd., a retail company headquartered in Toronto, Ontario, expects to generate C$26 million in earnings from continuing operations in its fiscal 1998, which ends January 1999. The forecast is a marked departure from earlier earnings prediction, amounting to C$58 million, espoused by the department store chain. The downgrading of the firm's financial prospects was spurred by the C$44.2 million in losses incurred by the company in the second quarter of 1998. T. Eaton Co.'s sales performance, however, remain at very creditable levels, according to George Kosich, the firm's chief executive officer and president.
Comment:
Expects to generate C$26 million in earnings from continuing operations in its fiscal 1998
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Sears seeks 66% more of men's wear market
Article Abstract:
Sears Canada Inc., based in Toronto, Ontario, is targeting to control 66% more of the market for men's wear with the help of its suppliers. The retailer is requesting its suppliers to give an extra 3-percent discount on orders to help it increase its advertising budget to C$40 million by 2000. Sears intends to use C$29.1 million for men's wear advertising in 1998 and increase that budget to C$170 million in 1999. National Apparel Bureau President Bert Lafford, meanwhile, has advised his group's members to reject the deal, especially due to the company's recent performance.
Comment:
Is targeting to control 66% more of the market for men's wear with the help of its suppliers
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Hudson's Bay expects turnaround
Article Abstract:
Hudson's Bay Co., Canada's largest retailer based in Toronto, Ontario, has expressed optimism that the company will pull itself out of financial difficulty despite reporting losses for the first quarter of 1998. Hudson's Bay President William Fields told shareholder at the company's annual meeting that he believes the company will be able to recover by the second half of 1998. Hudson's Bay reported a loss of C$22.5 million, or 34 cents per share, for the first quarter of 1998, compared to the C$27-million loss, or 45 cents a share, it reported for the same period in 1997.
Comment:
Expresses optimism that it will pull itself out of financial difficulty despite reporting losses for 1st qtr of 1998
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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