Sears Canada reports loss, revenue slides 12 percent
(Reuters) - Struggling department store chain Sears Canada Inc (SCC.TO: Quote) reported its ninth loss in 14 quarters as sales continued to decline.
Same-store sales fell 6.8 percent in the second quarter ended Aug. 2. Same-store sales at Sears's home and hardlines business dropped 9.3 percent.
The company blamed the slump partly on a relatively cold spring.
Total revenue fell 12 percent to C$845.8 million, said Sears Canada, whose sales have declined for six straight years.
It has eliminated about 3,000 positions since November, closed many stores and sold several of its most valuable leases over the past year, including one for its flagship store at Toronto Eaton Center.
Hedge fund billionaire Eddie Lampert and his Sears Holdings Corp (SHLD.O: Quote) said in May they were looking to sell their 51 percent stake in Sears Canada.
Buyout firm Sycamore Partners was considering a bid for Sears Canada, New York Post reported this month.
Second-quarter operating loss widened to C$64.2 million from C$5.3 million a year ago, Sears Canada said. Continued...