Sears Canada Passing on Benefits of Higher Canadian Dollar

    "Stronger Dollar, Lower Prices"

    TORONTO, Nov. 2 /CNW/ - Sears Canada Inc. (TSX: SCC) announced today that
it is passing on benefits of the higher Canadian dollar to its customers and
lowering prices across the store. Due to the increase in the value of the
Canadian dollar versus the U.S. dollar, Sears is reducing retail prices and
will continue to do so.
    "We know that the appreciation of the Canadian dollar and the price
differences between Canada and the U.S. on similar products is top of mind for
Canadians," said Dene Rogers, President and Chief Executive Officer, Sears
Canada Inc. "We are listening to our customers and taking steps to demonstrate
that our prices provide comparable value with what is available across the
border. We want our customers to realize that they can shop with confidence at
Sears Canada and know they are not overpaying for items available in the U.S.
that are stocked at their local Sears store right here at home in Canada. We
also believe there is an economic benefit for Canadians when they shop in
Canada. We want to do our part to provide a positive shopping experience that
resonates well with Canadians and makes Canada stronger."
    The Company is also working with suppliers to obtain costs which more
accurately reflect the higher value of the dollar. "Sears and its suppliers
have a long history of working together to provide excellent value to Sears
customers," continued Mr. Rogers. "Canadians expect us to give them lower
prices in light of the dollar's value, and we are working to meet these
    Sears has reduced some regular prices on a permanent basis. Additionally,
Sears sale prices within its normal promotional advertising program offer
value on items at or better than U.S. pricing at major retailers.
    Sears has identified categories where Canadians are being disadvantaged
given the currency exchange rate and has taken action on prices in these
categories effective Friday, November 2.

    Home Electronics:

    - Sony 40" LCD Television KDL40S3000     $1699.99, new lower price
                                              from $1799.99

    - Samsung 32" LCD TV                     $999.99, new lower price from
                                              $1199.99, and on sale for
                                              $799.99 until Nov. 12

    - Canon Rebel XTI Digital Camera         $799.99, new lower price
                                              from $899.99 and
                                              on sale for $749.99
                                              until Nov. 12

    - Canon A460 Camera                      $139.99, new lower price
                                              from $159.99

    - G.E. 5.8 Ghz Phone                     $79.99, new lower price
                                              from $99.99

    - LG Home Theatre System LHT912SB        $349.99, new lower price
                                              from $399.99

    Major Appliances - Sears is offering very competitive promotions,
    some examples include:

    - Kenmore Elite Slide-in Range           $1699.99, Reg. $1999.99,
       (No. 44098) White                      on sale until Nov. 4

    - Kenmore Elite Slide-in-Range           $1699.99, Reg. $1999.99,
       (No. 44099) Black                      on sale until Nov. 4

    - Kenmore Elite Slide-in Range           $1899.99, Reg. $2199.99,
       (No. 44093) Stainless                  on sale until Nov. 4

    In Women's and Men's Apparel, price cuts include items from the Company's
    popular everyday-priced Sears More Value program which until now has
    never been reduced. Some examples include:

    Women's Apparel:

    - Columbia Cord Pant                     $47.99, Reg. $59.99 on sale
                                              until Nov. 4

    - Levis 515 Jeans                        $34.99, Reg. $59.99 on sale
                                              until Nov. 4

    - Reebok Princess Athletic Shoe          $39.99, Reg. $59.99-$61.99 on
                                              sale until Nov. 4

    - Jessica Mouflon Jacket                 $69.97, new lower price
                                              from $89.97

    - Jessica Turtleneck                     $24.97,new lower price
                                              from $29.97

    - Jessica Faux Suede Blouse              $24.97, new lower price
                                              from $34.97

    - Tradition Blouse                       $24.97, new lower price
                                              from $29.97

    - Jessica Lace Camy                      $12.97, new lower price
                                              from $14.97

    - Jessica Sport Non-Iron Shirt           $34.97, new lower price
                                              from $49.97

    - Jessica Sport Pant                     $34.97, new lower price
                                              from $39.97

    Men's Wear:

    - Dockers Flat/Pleated Cord Pant         $29.97, new lower price
                                              from $39.97

    - Boulevard Club Jacket                  $99.97, new lower price
                                              from $139.97

    - Enro Single-Breast Suit                $199.97 new lower price
                                              from $229.97

    - Enro Single-Breast 2-Button            $129.97, new lower price
       Jacket                                 from $149.97

    - Enro Single-Breast 3-Button            $129.97, new lower price
       Cord Jacket                            from $149.97

    - Nevada Long-Sleeve Ribbed T-Shirt      $14.97, new lower price
                                              from $19.97

    - Nevada Full-Zip Cardigan               $24.97, new lower price
                                              from $29.97

    - Retreat Front-Zip Mock-Neck            $24.97, new lower price
       Sweater                                from $34.97

    - Retreat Micro Moss Car Coat            $79.97, new lower price
                                              from $99.97

    - Wardrobe Essential Dress Pant          $39.97, new lower price
                                              from $49.97

    - Levis Original 501 Jeans               $36.99, Reg. $74.99, on sale
                                              until Nov. 4

    Sears has also made a special purchase of fragrances, priced from $19.99
to $29.99, at U.S. prices, including Alfred Sung (Forever, Pure, Hei, Homme),
Elizabeth Taylor (White Diamonds), Elizabeth Arden (Green Tea), and Bob
    With respect to prices at other retailers operating in Canada, Sears
reminds customers of its Price Guarantee, which states that the Company will
match any advertised price in Canada. Customers can find additional
information and details at their local Sears store.

    This release contains information which is forward-looking and is subject
to important risks and uncertainties. Forward-looking information concerns the
Company's future financial performance, business strategy, plans, goals and
objectives. Factors which could cause actual results to differ materially from
current expectations include, but are not limited to: the ability of the
Company to successfully implement its cost reduction, productivity improvement
and strategic initiatives and whether such initiatives will yield the expected
benefits; the impact of the sale of the Company's Credit and Financial
Services operations and the results achieved pursuant to the Company's
long-term marketing and servicing alliance with JPMorgan Chase Bank, N.A.;
general economic conditions; competitive conditions in the businesses in which
the Company participates; changes in consumer spending; seasonal weather
patterns; customer preference toward product offerings; changes in the
Company's relationship with its suppliers; interest rate fluctuations and
other changes in funding costs; fluctuations in foreign currency exchange
rates; the possibility of negative investment returns in the Company's pension
plan; the outcome of pending legal proceedings; and changes in laws, rules and
regulations applicable to the Company. While the Company believes that its
forecasts and assumptions are reasonable, results or events predicted in this
forward-looking information may differ materially from actual results or
events. The Company intends the forward-looking information to speak only as
of the time made and does not undertake to update or revise this information
except as may be required by law.

    Sears Canada is a multi-channel retailer with a network of 196 corporate
stores, 179 dealer stores, 61 home improvement showrooms, over 1,800 catalogue
merchandise pick-up locations, 106 Sears Travel offices and a nationwide home
maintenance, repair, and installation network. The Company also publishes
Canada's most extensive general merchandise catalogue and offers shopping
online at

For further information:

For further information: Contact for Media: Vincent Power, Sears Canada,
Corporate Communications, (416) 941-4422,

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Sears Canada Inc.

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