EATON'S REPORTS FIRST QUARTER RESULTS
By Adnews Staff
Toronto-based retailer The T. Eaton Co. Ltd. has released figures for the company's first quarter of 1999. Eaton's has reported a net loss of $35.7 million for the sixteen weeks of its first quarter that ended on May 22, 1999. For the same time period for the previous year, the retailer announced a net income of $2.4 million which included a gain of $34.5 million from the sale of its credit card operation. Last month the retailer announced it was reviewing a number of alternatives including the sale of the company, however, as no results have arisen from this review, the company says it will continue with its 1999 business plan. The company also noted that the retail business is seasonal in nature and anticipated it would report losses during the first quarter of this year. Founded in 1869, Eaton's operated 64 department stores in major shopping centres across Canada.