Sears Canada posts loss, names CFO

Wed May 22, 2013 7:14am EDT
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May 22 (Reuters) - Department store chain Sears Canada Inc posted a loss in the first quarter compared with a profit last year, and named E.J. Bird as chief financial officer.

Bird was appointed interim chief financial officer on March 12.

The company reported a net loss of C$31.2 million ($30.3 million), or 31 Canadian cents per share, compared with a net profit of C$93.1 million, or 91 Canadian cents per share, a year earlier.

Last year's results included a pre-tax gain of C$164.3 million on lease terminations.

Revenue fell more than 6 percent to C$867.1 million.

Sales at established stores, a key measure for retailers, fell 2.6 percent.