ETOBICOKE, Ontario -- Oshawa Group here said sales increased in the fourth quarter and year ended Jan. 28.
n extraordinary charge associated with staff restructuring.
Sales rose 11.1% to $1.1 billion (U.S.) for the quarter and 6% to $4.3 billion for the year. (Figures were converted at a rate of $1.40 Canadian equals $1 U.S.)
Earnings for the 13-week quarter were $9.4 million, a 14.5% drop from the prior year. Earnings for 53 weeks were $38 million, up 6%.
Oshawa said fourth-quarter results included a $5.1 million charge for a staff restructuring program in 53 of its Ontario stores. The program offered severance payments to part-time employees as an option to a wage rollback.
Capital expenditures for the year were $46.6 million -- mainly for computer equipment, store renovations, transportation equipment and warehouse improvements, the company said.
In January, the company said, it sold the equipment and assets of two Ontario distribution centers and entered into a long-term service agreement with Surelink, a subsidiary of Canadian wholesaler Tibbett & Britten.
The company also said it regrouped its seven distribution divisions into three regional divisions during the year.
