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Struggling Sears Canada reports loss as revenue slides

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Struggling department store chain Sears Canada Inc. reported a quarterly loss as sales declined.


The company reported a net loss of $21.3-million, or 21 cents per share, for the second quarter ended Aug. 2 compared with a profit of $152.8-million, or $1.50 per share, a year earlier.


The year-ago quarter's profit included a one-time pre-tax gain of $185.7-million.


Sears is exploring options for 51% Sears Canada Stake. For more on the potential implications, BNN is joined by Mark Satov, founder, Satov Consultants. BNN Video


Retail

Revenue fell 12 per cent to $845.8-million. Same store sales declined 6.8 per cent.


The company, majority-owned by Sears Holdings Corp., partly blamed the slump on a relatively cold spring.


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